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- President Ruto Calls for China's Support in Reforming Global Financial System
President Ruto Calls for China's Support in Reforming Global Financial System
President Ruto Calls for China's Support in Reforming Global Financial System

During the Forum on China-Africa Cooperation Summit in Beijing, Kenyan President William Samoei Ruto PHD made a compelling case for China's support in reforming the international financial architecture. His address highlighted the urgent need for changes that would benefit developing countries, particularly in Africa, and outlined specific areas where China's backing could make a significant difference.
President Ruto emphasized the importance of accessing concessional funding for development, urging China to encourage increased contributions to multilateral development banks. This request underscores the challenges many African nations face in securing affordable financing for crucial infrastructure and development projects.
The Kenyan leader described the current international financial system as unjust to many countries in the Global South, calling for comprehensive reforms. He specifically appealed for cooperation on "debt treatment," proposing the re-profiling of debt to include longer grace periods and extended tenures for both existing and future financing.
The President acknowledged the positive impact of existing China-Africa cooperation, particularly through initiatives like the Belt and Road Initiative. He noted their significant contribution to infrastructure development and economic growth in Kenya and across Africa, highlighting the potential for further collaboration.

🌍 China Commits $50 Billion to Supercharge Africa’s Growth
🕵️Tax Dodgers Beware: SA Cracks Down on Crypto Traders, with AI
🌾 Rwanda’s $2 Million Bet on Agritech to Boost Food Security
🚖 Another day, Another Strike: Kenyan Ride-Hailing Drivers Demand Fair Pay
🖥️Balancing Kenya’s ICT Growth with Data Security Concerns
💳 Visa's Cardinal Moment at Global FinTech Fest 2024
💸 $1.3 Trillion Needed Annually for Africa’s Climate Fight – Too Much?
🛰️ Starlink Here, There, Everywhere...
🤖 Robot Waiters Serve Up Innovation in Kenya...But Feeding Kenyans with Butterflies?
And Much More...
Mauritius Offers Free Mobile Data to Empower Youth

Starting September 1, 2024, Mauritius is launching a free monthly mobile data package for citizens aged 18 to 25. Announced by Prime Minister Pravind Kumar Jugnauth during a launch event in Trianon, this initiative aims to enhance digital access for approximately 100,000 young people in the country.
Eligible individuals can apply electronically through the Mauritius Revenue Authority's platform using their National Identity Card and mobile number. The program provides a substantial 200GB monthly data package, compatible with both 4G and 5G networks, reflecting the government's commitment to fostering digital readiness among the youth. This initiative complements previous efforts to democratize education, such as free schooling and the establishment of 350 Wi-Fi hotspots across the nation.
Prime Minister Jugnauth emphasized the importance of digital access in supporting educational growth, facilitating job opportunities, and fostering innovation. He highlighted the critical role of the internet in promoting creativity and productivity while also cautioning against its misuse and urging safe and respectful online behavior.
China Pledged About $50bn of Investment to Africa

China's engagement with Africa has been marked by significant infrastructure investments and financial support. Recent years have seen China construct major projects like a 2,000km oil pipeline in Niger and a 600km railway in Guinea. These efforts have addressed critical connectivity challenges across the continent.
China's financial involvement has also evolved, with a recent announcement of 360 billion yuan in funding for the next three years. This new investment focuses on green energy transition and manufacturing, particularly in electric vehicles. However, concerns about debt sustainability and loan terms persist.
Critics have raised issues about China's approach, including accusations of debt-trap diplomacy and environmental concerns. Yet, recent developments suggest a potential shift in China-Africa relations, with increased emphasis on green technology and industrial development.
As this relationship continues to evolve, questions remain about the genuine diversification into new sectors and how China will balance its economic interests with sustainable development goals. The future of China-Africa relations will depend on addressing these challenges and delivering tangible benefits to African nations.
Flutterwave Appoints Former Citi Executive as New CFO

Flutterwave announced the appointment of Mitesh Popat as its new Chief Financial Officer. Popat brings 20 years of global financial services experience, having most recently served as the Chief Financial Officer for Citi's Middle East and Africa operations.
In his previous role at Citi , Popat oversaw finance operations across 29 countries and provided financial leadership for a $5 billion revenue business in Global Equities Sales and Trading. His extensive experience in managing complex financial operations in emerging markets is expected to be instrumental in driving Flutterwave's next phase of growth and financial sustainability.
At Flutterwave, Popat will be responsible for overseeing corporate finance functions, supporting the company's growth plans, and ensuring balanced resource allocation. He expressed excitement about joining Flutterwave and plans to leverage his experience to optimize the business model for sustained profitability.
Olugbenga Agboola, Founder and CEO of Flutterwave, welcomed Popat, highlighting the alignment between Popat's experience and Flutterwave's vision to connect Africa to the world. Agboola emphasized that Popat's expertise will contribute to the company's next growth phase and add value to both enterprise merchants and retail remittance customers.
AfCFTA Aims to Boost Intra-African Trade

The African Continental Free Trade Area (AfCFTA) Secretariat is making strides to strengthen trade within Africa. The agreement, which came into effect in January 2021, aims to create a single market for goods and services across the continent.
AfCFTA's primary goal is to increase intra-African trade by reducing tariffs and non-tariff barriers. Currently, intra-African trade accounts for only about 16% of the continent's total trade, significantly lower than other regions like Europe and Asia. The agreement seeks to boost this figure to 60% by 2034,
The free trade area is expected to bring several benefits to African economies. It will create a market of over 1.3 billion people with a combined GDP of more than $3 trillion. This larger market is anticipated to attract more foreign investment and create new opportunities for African businesses.
AfCFTA is also working on harmonizing trade policies and regulations across member countries. This includes efforts to standardize customs procedures, improve infrastructure, and facilitate the movement of goods and people across borders. These measures are crucial for realizing the full potential of the free trade agreement.
While progress has been made, challenges remain in fully implementing AfCFTA. These include addressing infrastructure gaps, harmonizing diverse regulatory frameworks, and ensuring that smaller economies can compete effectively in the expanded market. Despite these hurdles, the agreement represents a significant step towards greater economic integration in Africa.
Kasha Global Secures Investment from Sanofi's Impact Fund

Kasha Global, Inc. an e-commerce platform specializing in women's health and personal care products, has received equity investment from Sanofi's Impact Fund. This funding marks a significant milestone for the East African startup and reinforces its mission to improve access to essential health products for women in emerging markets.
Founded in 2016, Kasha operates in Rwanda and Kenya, providing a discreet and convenient way for women to access health, hygiene, and self-care products. The company's innovative model combines e-commerce with last-mile delivery solutions, effectively reaching both urban and rural customers.
Sanofi's Impact Fund, part of the company's Global Health Unit, aims to support startups and innovators delivering scalable healthcare solutions in underserved regions. This investment in Kasha aligns with Sanofi's commitment to improving access to healthcare and essential products in developing markets.
The new funding will enable Kasha to strengthen its operations, expand its product offerings, and potentially enter new markets. Support from a global pharmaceutical leader like Sanofi also validates Kasha's approach to addressing women's health needs in East Africa.
Visa Unveils New Digital Payment Solutions at Global FinTech Fest 2024

Visa launched a range of innovative digital payment products at the Global FinTech Fest 2024, aiming to enhance digital paymentS. These new offerings are designed to streamline payment processes, improve transaction security, and enhance the overall customer experience.
Key announcements include the introduction of HDFC Bank’s All-in-One POS Device, which integrates point-of-sale functions with QR code scanning and soundbox capabilities, and the Paytm NFC Card Soundbox, a device that combines mobile QR payments with a card machine for offline merchants. These technologies are expected to simplify transactions for millions of merchants, particularly in Tier 3–6 cities.
Additionally, Visa has partnered with Axis Bank to launch Neo for Merchants, a mobile app offering omni-channel payment acceptance and business insights. The Ashva Metal Credit Card, introduced with IDFC First Bank, targets premium customers with luxury rewards and low forex markups.
Rwanda's $2 Million Agritech Innovation Fund

Rwanda has initiated the Hanga Agritech Innovation Challenge Fund, a $2 million facility designed to support agritech entrepreneurs. This fund aims to address food security challenges and foster innovation within the agricultural sector. Announced during the preparations for the 2nd edition of the African Conference On Agricultural Technologies, the fund is a collaborative effort between Rwanda's Ministry of Agriculture and Animal Resources and the World Bank.
The fund is set to provide both financial and technical support to agriculture technology startups, driving advancements in areas such as crop varieties, mechanization, and irrigation. Alexandre Rutikanga, Chief Technical Advisor at MINAGRI, emphasized the role of technology in creating a vibrant and modern agricultural sector that supports Rwanda's development goals, including food security and the Sustainable Development Goals.
The initiative is part of Rwanda's broader strategy to leverage technology for agricultural transformation, contributing to economic growth, poverty reduction, and foreign exchange earnings. The fund will also support the Comprehensive African Agricultural Development Programme goals, which focus on eliminating hunger and reducing poverty through agriculture-led development.
ECOWAS Suspends Eco Currency Implementation

The Economic Community of West African States has decided to suspend the implementation of the Eco, a proposed single currency for the region. This decision comes after prolonged discussions and disagreements among member states regarding the readiness and appropriateness of launching a common currency.
The Eco was initially envisioned as a means to facilitate trade, reduce transaction costs, and enhance economic integration among the 15 ECOWAS member countries. However, the plan faced significant challenges, including divergent economic policies, varying levels of economic development, and concerns over national sovereignty.
A key issue in the suspension was the unilateral decision by some French-speaking countries to adopt the Eco, replacing the CFA franc, without full consensus from the entire bloc. This move raised concerns among other member states, particularly Nigeria, the region's largest economy, about the potential dominance of certain countries in the monetary union.
The ECOWAS Commission has emphasized the need for a cautious approach, advocating for a gradual process that ensures all member states meet the necessary convergence criteria before adopting the Eco. This includes maintaining a single-digit inflation rate, fiscal discipline, and adequate foreign reserves.
China Unveils 10-Point Plan to Boost Africa Ties

Chinese President Xi Jinping has unveiled a comprehensive 10-point partnership action plan for Africa, outlining initiatives for the next three years aimed at deepening cooperation and promoting modernization across the Global South. This plan emphasizes the modernization of industrialization, agriculture, trade, and investment, alongside significant infrastructure development and connectivity projects.
As part of the action plan, China has committed to providing financial support totaling $50 billion, which includes credit lines and investment opportunities. The initiative also seeks to enhance market access for African goods in China, support the continent's pharmaceutical industry, and improve health sector capabilities. Agricultural development is another focus area, with commitments for emergency food assistance and initiatives to bolster food security.
In addition to economic support, the plan includes green development initiatives, emphasizing clean energy projects, military assistance, and security cooperation. Enhancing people-to-people exchanges through vocational education programs and governance cooperation is also a priority.
President Xi highlighted that this partnership aims to foster economic opportunities, reduce poverty, and promote inclusive growth across Africa. The commitment includes implementing 30 infrastructure connectivity projects and launching 30 clean energy initiatives, alongside providing $140 million in military assistance grants. The plan underscores China's continued engagement with Africa and its strategy to strengthen economic and diplomatic ties across the continent.
Kenyan Social Commerce Startup Chpter Raises $1.2M in Pre-Seed Funding

Chpter's co-founders (L-R)
chpter. has successfully secured $1.2 million in pre-seed funding. This investment round marks a significant milestone for the young company as it seeks to revolutionize the e-commerce landscape in Africa.
Founded in 2023, Chpter aims to transform how small businesses and individual sellers operate online by providing a platform that combines social media features with e-commerce functionality. The startup's innovative approach allows sellers to create personalized online stores and leverage social networks for marketing and sales.
The funding round attracted a diverse group of investors, including both local and international venture capital firms. This early-stage investment demonstrates confidence in Chpter's business model and its potential to address the unique challenges faced by small-scale sellers in the African market.
Chpter plans to use the funds to enhance its technology platform, expand its team, and accelerate its growth strategy. The company is focusing on improving user experience, developing new features, and expanding its reach across Kenya before considering entry into other African markets.
Algeria Joins BRICS New Development Bank

Algeria has officially become a member of the BRICS New Development Bank (NDB), marking a significant milestone in its integration into the global financial system. The announcement was made by NDB chief Dilma Roussef during a meeting in Cape Town, South Africa. This membership underscores Algeria's strong macroeconomic performance, positioning it as an "upper-tier emerging economy."
Algeria's inclusion in the NDB is expected to open new opportunities for supporting and enhancing its economic growth, particularly as the leading exporter of natural gas in Africa. This development could have ripple effects across the continent's financial technology landscape. Kenyan fintech companies might find new avenues for collaboration or innovation, leveraging Algeria's strengthened economic ties and resources.
Sasai and Airtel Money Expand Free Remittance Services Across Africa

Sasai Fintech , a subsidiary of Cassava Technologies , has partnered with Airtel Africa to expand free remittance services across Africa. This collaboration aims to enhance financial inclusion and facilitate easier cross-border money transfers within the continent.
With this partnership, users can send money for free between Sasai and Airtel Money wallets across multiple African countries. The service is available in regions where both Sasai and Airtel Money operate, including Kenya, Uganda, Tanzania, Zambia, Malawi, and Rwanda.
The integration of digital wallets allows for seamless transfers between Sasai and Airtel Money, promoting interoperability in the African fintech ecosystem. By offering free remittance services, the initiative seeks to make financial services more accessible and affordable for African consumers.
The expected outcome of this collaboration is a significant impact on economic growth and development across the participating countries. Easier and more cost-effective remittances are anticipated to support intra-African trade and contribute to the continent's economic development goals.
Kenya Launches New Tech Systems to Improve Debt and Aid Management

Public Debt Management Information System-PDMIS
Foreign Aid and Technical Assistance Information Management System-FOTIMS
These systems are designed to improve the tracking and management of public debt and foreign aid, which are critical components of Kenya's economic infrastructure.
The PDMIS will provide a comprehensive platform for managing public debt data, facilitating better decision-making and planning. By centralizing debt information, the system aims to enhance transparency and accountability, ensuring that debt management aligns with national economic goals.
FOTIMS focuses on optimizing the management of foreign aid and technical assistance. This system will enable the government to track the flow of aid, assess its impact, and improve coordination with international partners. It also enhances the application, processing, and approval of foreign travel for public servants, ensuring prudent use of public resources.
Deputy President Rigathi Gachagua described the launch as "revolutionary," emphasizing how these systems will enhance transparency, accountability, and efficiency in service delivery and decision-making.
Both systems are part of Kenya's broader initiative to modernize its financial management processes and enhance the overall transparency of government operations.
Robot Waiters in Kenya

In Nairobi's Kileleshwa suburb, a new dining experience is captivating customers with its innovative use of technology. The Robot Café features robot waitresses who glides between tables delivering food with precision. This establishment is a first for East Africa, incorporating robotic technology to enhance service delivery.
Since its opening two months ago, the Robot Café has attracted a warm reception from diners eager to experience the novelty of robotic service. While the use of robots in the food service industry is not new in places like the United States and China, it offers a fresh experience for African customers.
The introduction of robots in the hospitality sector has sparked discussions about the potential impact on employment. However, industry experts believe that this technology will improve efficiency and service quality rather than replace human workers. They advise that Kenyan schools should incorporate technology training into their hospitality curriculum to prepare for the evolving landscape.
Nairobi Securities Exchange to Launch Fractional Share Trading by Year-End

The Nairobi Securities Exchange PLC plans to introduce fractional share trading by December 31, 2024, marking a significant shift in Kenya's stock market accessibility. This new platform will allow retail investors to purchase portions of shares rather than whole units, potentially transforming market participation.
Under the fractional investment scheme, investors will be able to diversify their portfolios by investing in multiple companies with smaller amounts of capital. Currently, investors must purchase a minimum of 100 whole shares, which has been a barrier to entry for many, especially for high-priced stocks.
Frank Mwiti, NSE's CEO, describes fractional trading as a "game changer" that will unlock liquidity in the market. He notes that there is significant demand for certain closely-held stocks, but limited supply due to high entry costs. The new system aims to make the market more accessible, even to investors with as little as Ksh100 to invest.
itel Expands into Nigeria's Renewable Energy Market with Solar Solutions

itel, a subsidiary of TRANSSION HOLDINGS has launched its solar energy solutions in Lagos, marking its entry into Nigeria's renewable energy market. This move aims to address the country's pressing energy challenges by offering cost-effective and reliable solar products.
The company's product range includes inverters and batteries designed to meet the unique demands of Nigerian households and businesses. A key offering is the Smart All-in-One Energy Storage System, featuring a 600W Hybrid Solar Inverter and a 1.28kWh battery, capable of providing continuous electricity even during grid outages.
itel has also introduced IP54 and IP66 inverters engineered to withstand Nigeria's extreme weather conditions. These models offer robust protection against water and dust, ensuring reliable performance in challenging environments.
Andy Yan, CEO of itel Energy, emphasized the company's commitment to providing clean, affordable, and reliable energy to improve the quality of life in Nigeria. This aligns with the country's growing demand for renewable energy, driven by high grid electricity costs and decreasing commodity prices.
With only 60.5% of Nigeria's population having access to electricity according to the World Bank, itel's entry into the market addresses a significant need for alternative energy solutions. The company's focus on affordability and durability positions it to make a substantial impact on Nigeria's energy landscape, potentially bringing reliable power to millions of homes and businesses across the nation.
Administrators Accelerate Copia Global Sale as Company Prepares to Exit Kenya

Administrators appointed to oversee Copia Kenya's operations are expediting the sale of the e-commerce platform as the company prepares to exit the Kenyan market. This move follows Copia Global, the parent company, entering administration in May 2024 due to its inability to secure additional funding.
KPMG administrators Makenzi Muthusi and Julius Ngonga are managing the sale process, aiming to complete it by the end of September 2024. They are actively seeking buyers for Copia's valuable assets, which include its advanced technology platform, extensive customer base, and efficient logistics network.
Copia's financial struggles have led to significant layoffs, with over 1,000 employees let go in May 2024. The company had previously raised $123 million across eight funding rounds but failed to achieve profitability.
Cercli Secures $4M to Revolutionize Payroll Management in MENA

Cercli (YC S23) , a startup focused on streamlining payroll management in the Middle East and North Africa region, has successfully raised $4 million in seed funding. The company, which participated in Y Combinator's S23 batch, aims to address the complex challenges businesses face when managing payroll across multiple countries in the region.
Founded by Akeed Azmi and David Reche, who previously worked at regional unicorns Kitopi and Careem, Cercli offers a comprehensive platform for businesses to hire, manage, and pay their global workforce while ensuring compliance with local regulations. The startup's solution replaces outdated methods such as spreadsheets and expensive ERP systems with a unified, efficient payroll management system.
Cercli's platform is designed to cater to mid-market enterprises, providing integrated solutions for HR, finance, accounting, legal, and IT functions. A key feature of their offering is its localization efforts, which address specific labor laws and even process salaries for employees without bank accounts, a common scenario in parts of the MENA region.
With this new funding, Cercli plans to expand its team, develop new products for various customer segments, and strengthen its presence in core markets across the MENA region. The company's growth reflects the increasing demand for efficient, compliant payroll solutions in a region experiencing rapid business expansion and digitalization.
South African Business Confidence Improves Under Unity Government

Business confidence in South Africa has shown signs of improvement following the formation of a new coalition government. The RMB/BER business confidence index rose to 38 points in the third quarter of 2024, up from 35 points in the previous quarter, marking the highest level since the fourth quarter of 2022.
This uptick in sentiment reflects cautious optimism among businesses about improving economic conditions in the country. The survey, conducted by the Bureau for Economic Research, is the first to capture business sentiment since the establishment of the Government of National Unity.
While overall confidence has increased, challenges remain. Businesses still report constraints, particularly weak demand. However, they appear less negative about current conditions and more optimistic about future prospects.Among the five sectors surveyed, wholesalers and building contractors experienced a slight decline in confidence, though they remain at relatively high levels. Manufacturing sentiment held steady, while retailers and new vehicle dealers saw improvements in their outlook.
The formation of the coalition government and recent stability in electricity supply have contributed to the more positive business environment. However, analysts caution that sustained improvement will depend on the implementation of effective policies and the continued resolution of key issues like energy security.
Ride-Hailing Drivers in Kenya Strike for Better Pay

Drivers for ride-hailing platforms like Bolt and Uber in Kenya have gone on strike, demanding higher pay to cope with rising operational costs. The drivers are calling for an increase in ride charges, which they claim are currently unsustainable
The strike comes as drivers face increasing expenses, particularly due to rising fuel costs. The price of super petrol in Kenya has climbed to about Sh180 per liter in recent years, significantly impacting drivers' earnings
Drivers have expressed frustration with the price calculation formulas used by the ride-hailing companies, arguing that these formulas don't adequately account for factors such as fuel costs and travel distances. This has led to some drivers charging passengers rates that differ from those prescribed by the platforms
In response to ongoing complaints, some ride-hailing companies have recently taken steps to address drivers' concerns. Last month, Bolt increased driver earnings by 10 percent across all ride categories. Similarly, Uber had previously raised fare prices to support its drivers
Despite these adjustments, drivers feel that more needs to be done to ensure fair compensation in light of the current economic challenges.
Can Kenya Balance ICT Growth With Data Security And Data Sovereignty Challenges?

Kenya's Information Communication Technology sector is experiencing rapid growth, with an annual rate of 23% outpacing other sectors. This growth is driven by the country's ambitious digitalization plans, including extensive fiber optic cable installation and the development of smart city projects like Konza Technopolis
Cloud services adoption is a key factor in this expansion, with various sectors such as insurance, fintech, education, and retail leveraging cloud technologies to enhance their services. However, data-sensitive industries like finance and healthcare have expressed concerns about data privacy and security, which has slowed broader cloud infrastructure adoption.
To address these challenges, Kenya is working to create frameworks that balance innovation with data protection. The country is also focusing on developing a robust network infrastructure to support emerging technologies like artificial intelligence and to meet the growing demand for data centers.
As Kenya positions itself as a digital hub in East Africa, the resilience and security of its network infrastructure become crucial. The country's efforts to expand connectivity and integrate new technologies aim to enhance efficiency and productivity while safeguarding against cyber threats.
Empowering Women in Tech: Insights from Kreative Campus' Keitesi Aisha

Keitesi Aisha , the operations and finance lead at Kreative Campus in Uganda, shares her experiences and insights on empowering women in technology. Kreative Campus is a social enterprise focused on developing digital skills and supporting startups in East Africa. Aisha emphasizes the importance of addressing the technology skills gap, particularly for women and youth in Uganda. She highlights the need for hands-on training, certification, and market access to empower individuals in the digital economy.
In her interview, Aisha discusses the significance of role models and mentors in the tech industry, sharing success stories of women who have benefited from digital skills training. She also identifies the technical and soft skills that are increasingly in demand for success in the tech sector, as well as the emerging technologies that are shaping Africa's tech future.
Aisha acknowledges the challenges faced by women in tech and suggests strategies to overcome these obstacles. She encourages aspiring women in the field to follow their passions, seek mentorship, actively network, and continuously update their skills. Confidence and persistence are key, she notes, along with the importance of supporting other women in the industry.
Sierra Leone and Malawi Forge Digital Development Partnerships with Chinese Firms

Sierra Leone and Malawi have recently announced significant digital development agreements with Chinese technology companies, aiming to enhance their telecommunications infrastructure and digital capabilities.
Sierra Leone has partnered with Huawei to implement a national backbone project. This initiative involves the construction of a 415km optical fiber network connecting major cities across the country.
Meanwhile, Malawi has signed a Memorandum of Understanding with ZTE Corporation for the development of its ICT sector. The agreement focuses on advancing Malawi's digital economy through various initiatives, including the establishment of data centers, smart city projects, and the expansion of 5G networks.
These partnerships highlight the growing influence of Chinese technology firms in Africa's digital development landscape. They also reflect the ongoing efforts of African nations to modernize their telecommunications infrastructure and bridge the digital divide.
The collaborations are expected to bring several benefits to both countries, including improved internet access, enhanced digital services, and potential economic growth through increased connectivity. However, these deals also raise questions about data security and technological dependency that often accompany such international partnerships.
As Sierra Leone and Malawi move forward with these projects, the outcomes will be closely watched by other African nations considering similar digital development strategies.
Vertiv Expands Distribution Network in West Africa

Vertiv, a global provider of critical digital infrastructure and continuity solutions, has announced a new partnership to strengthen its distribution network in West Africa. The company has selected Mart Networks as its authorized distributor for Nigeria and Ghana, two key markets in the region.
This strategic move aims to enhance Vertiv's presence and service delivery in West Africa's growing IT infrastructure market. Mart Networks, known for its expertise in IT distribution, will now offer Vertiv's full range of products and solutions to customers in these countries.
The partnership is expected to improve access to Vertiv's advanced data center and edge computing solutions for businesses in Nigeria and Ghana. This includes power, cooling, and IT infrastructure technologies that are crucial for maintaining reliable and efficient digital operations.
Vertiv's decision to expand its distribution network reflects the increasing demand for robust IT infrastructure in West Africa. As businesses in the region continue to digitalize, the need for reliable power and cooling solutions for data centers and edge applications has grown significantly.
Telkom Receives Approval for Swiftnet Sale

South Africa's Competition Tribunal has given Telkom the green light to sell its masts and towers subsidiary, Swiftnet , to a consortium of equity investors called TowerCo of Africa . The sale, valued at R6.75 billion (about $377 million), marks a significant milestone for Telkom's business strategy.
The approval comes with certain conditions, which have been accepted by the purchaser. This decision follows the Competition Commission's recommendation last month to approve the transaction.
The deal will transfer ownership of 4,000 sites used by Telkom and other mobile networks to Towerco, a consortium formed by Actis (70% stake) and Royal Bafokeng Holdings (30% stake). Telkom announced the sale in March 2024, and it received shareholder approval, including from the South African government which holds a 40.5% stake in Telkom, in May 2024.
Telkom Group CEO Serame Taukobong described the decision as a pivotal moment for the company, aimed at unlocking shareholder value and streamlining focus on core business operations.
The sale of Swiftnet, one of the largest owners and operators of masts and towers infrastructure in South Africa, represents a shift from Telkom's earlier plans to separately list the business on the Johannesburg Stock Exchange.
Strategies for Developing AI-Driven Data Centers in Africa

The rapid growth of artificial intelligence is driving significant changes in data center design and operations across Africa. As AI applications become more prevalent, data centers are adapting to meet the increased computational demands and unique requirements of AI workloads.
Several key strategies are emerging for developing AI-driven data centers in Africa:
High-density computing infrastructure is becoming essential to support the intensive processing needs of AI algorithms. This includes deploying advanced GPU clusters and specialized AI accelerators to handle complex machine learning tasks efficiently.
Improved cooling systems are critical for managing the heat generated by high-performance AI hardware. Data centers are implementing liquid cooling solutions and advanced airflow management techniques to maintain optimal operating temperatures.
Flexible and scalable architectures allow data centers to adapt quickly to changing AI workload requirements. Modular designs and software-defined infrastructure enable rapid scaling and reconfiguration as needed.
Enhanced power management systems are necessary to support the increased energy demands of AI computing. This involves implementing more efficient power distribution and backup systems, as well as exploring renewable energy options.
MEA's Growing Focus on Neo-banking in Digital Financial Services

The Middle East and Africa region is experiencing a significant shift towards neobanking as part of its digital financial services transformation. Neobanks, which are fully digital banks without physical branches, are gaining traction due to their ability to offer convenient, cost-effective, and innovative financial services.
Several factors are driving the growth of neobanking in the MEA region. Increasing smartphone penetration and internet connectivity are making digital banking more accessible. Additionally, a large unbanked population is seeking accessible financial services, while there is a growing demand for digital-first banking experiences, especially among younger generations. Supportive regulatory environments in some countries are also encouraging fintech innovation.
Neobanks in the MEA region are providing a range of services, including digital wallets, peer-to-peer payments, microloans, and savings accounts. These digital-only banks often offer more competitive rates and lower fees compared to traditional banks due to their reduced overhead costs.
The rise of neobanking is prompting innovation among traditional banks, many of which are launching their own digital-only subsidiaries or partnering with fintech companies to enhance their digital offerings.
AI's Role in Strengthening Trust in African Financial Systems

Africa's financial sector is poised for transformation, with artificial intelligence emerging as a key tool to address persistent challenges and build trust. As the continent moves towards what some call "The African Century," AI offers solutions to combat financial crime and foster greater financial inclusion.
Trust remains a critical issue in Africa's financial systems, eroded by the prevalence of financial crime. This lack of confidence hinders economic growth and exacerbates inequality, particularly affecting those on the margins of the financial system.
AI presents a powerful solution to this trust deficit. Unlike traditional methods, AI can proactively identify suspicious activities and facilitate timely reporting to authorities. By analyzing vast amounts of data in real-time, AI systems can detect patterns and anomalies that human analysts might miss, making them invaluable in the fight against financial crime.
The potential of AI extends beyond crime detection. By creating a more secure financial network, AI can foster a culture of compliance and trust essential for economic growth. Real-world examples of African fintechs integrating AI into their compliance frameworks demonstrate how this technology can establish trusted networks and secure payment corridors across the continent.
AI-Supported Telemedicine Improves Healthcare Access for Refugees

A new telemedicine initiative is utilizing artificial intelligence to provide healthcare services to refugees in remote areas. Implemented by the United Nations High Commissioner for Refugees in partnership with a technology company, this project aims to tackle the challenges of limited medical resources and difficult access to healthcare facilities faced by refugee populations.
The AI-supported telemedicine system enables refugees to connect with doctors remotely through video consultations. The AI component assists in initial triage, symptom analysis, and language translation, which enhances the efficiency and effectiveness of medical consultations.
Despite the initiative's potential, challenges remain, including ensuring reliable internet connectivity in remote areas and addressing data privacy concerns. The UNHCR and its partners are actively working to overcome these obstacles and expand the program to reach more refugee communities worldwide.
Malawi Launches Smart Village Initiative with Huawei

The Malawian government has announced plans to partner with Huawei Technologies to launch a Smart Village Initiative aimed at bringing digital transformation to rural areas across the country. President Lazarus McCarthy Chakwera revealed this initiative during the Forum on China-Africa Cooperation Summit in Beijing.
The Smart Village Initiative seeks to improve connectivity and access to digital services in Malawi's rural communities. A key component of the plan involves establishing technical training centers in rural areas to equip young people with essential digital skills. These centers will focus on areas such as artificial intelligence, cybersecurity, and smart agriculture solutions.
Based on the Smart Village Blueprint, the project aims to serve as a practical tool for enhancing internet access in rural and remote areas. By integrating digital technologies, the initiative intends to deliver equitable and efficient services aligned with the Sustainable Development Goals.
President Chakwera emphasized his administration's commitment to collaborating with Huawei on specific aspects of the Smart Village Initiative. These include upskilling youth in digital technologies, implementing smart agriculture solutions to support large-scale farming initiatives, and enhancing cybersecurity for Malawi's digital landscape.
SIBAN Commends SEC for Approving Digital Asset Exchange Operators

The Stakeholders in Blockchain Technology Association of Nigeria - SIBAN has praised the Securities and Exchange Commission for granting approval to digital asset exchange operators in the country. This move marks a significant step forward in the regulation and legitimization of cryptocurrency trading in Nigeria.
SIBAN's President, Obinna Iwuno, expressed the association's appreciation for the SEC's decision, highlighting its potential to foster innovation and economic growth in Nigeria's digital asset space. The approval allows registered digital asset exchanges to operate legally within the country, providing a regulated environment for cryptocurrency trading.
This development is seen as a positive shift in Nigeria's approach to cryptocurrencies, following previous restrictions imposed by the Central Bank of Nigeria on crypto transactions. The SEC's approval is expected to bring more transparency and security to the digital asset market, potentially attracting both local and foreign investments.
South Africa Employs AI to Identify Tax-Evading Crypto Traders

The South African Revenue Service is leveraging artificial intelligence to track down cryptocurrency traders who may be evading taxes. This move comes as part of the tax authority's efforts to adapt to the growing digital economy and ensure compliance in the crypto space.
SARS is using AI algorithms to analyze various data sources, including social media platforms and cryptocurrency exchanges, to identify individuals and businesses engaged in crypto trading activities. The AI system is designed to flag discrepancies between reported income and lifestyle indicators that suggest undeclared crypto earnings.
The tax authority has emphasized that cryptocurrency gains are subject to taxation in South Africa, and traders are required to declare their profits. SARS Commissioner Edward Kieswetter stated that the use of AI technology is helping the agency to become more effective in identifying non-compliant taxpayers.
TLcom Announces Africa Tech Female Founder Summit 2024

Nairobi is set to host the 6th Africa Tech Female Founder Summit on October 15, 2024. Organized by TLcom Capital LLP , this event is the continent's largest gathering of women tech entrepreneurs. The summit, themed "Transformative Leadership: Redefining Success in Tech," aims to unite and empower female founders across Africa by providing a platform for learning and networking.
The event will feature prominent speakers including Nelly Chatue-Diop of Ejara , Nneile Nkholise of THOLA , Rasha Rady of Chefaa , and Sneha Mehta, CFA of Uncover .
These leaders will participate in panels and workshops focused on scaling businesses and forming strategic partnerships. Topics will cover budgeting, KPI design, growth strategies, and successful scaling techniques.
Participants will have the opportunity to pitch their startups to investors like Yemi Keri from Rising Tide Africa and Joyce-Ann Wainaina from Chui Ventures. The summit aims to address the unique challenges female founders face in the tech ecosystem, emphasizing high-performance qualities and transformative leadership.
Expected to draw over 500 female tech entrepreneurs, the event continues its tradition of fostering innovation and leadership among women in Africa's tech industry.
Egyptian Company Unveils Locally-Made Drones and Smart Munitions

An Egyptian defense company has introduced a new line of domestically manufactured drones and smart munitions, showcasing significant advancements in the country's defense technology capabilities. The centerpiece of this innovative lineup is the "6th of October" drone, named after a significant date in Egyptian military history.
These locally-produced drones are designed for a range of applications, including surveillance and tactical operations. The development of these unmanned aerial vehicles demonstrates Egypt's growing expertise in drone technology and its push towards greater self-reliance in defense manufacturing.
In addition to the drones, the company has developed smart munitions equipped with advanced guidance systems. These include 122mm and 155mm artillery shells featuring aerodynamic control systems and Precision Guidance Kit technology. This advancement in munitions technology aims to enhance the accuracy and effectiveness of artillery fire, providing Egyptian forces with improved precision strike capabilities.
The Gambian Ministry of Trade, Industry, Regional Integration and Employment has conducted a training workshop for Civil Society Organizations and journalists on the African Continental Free Trade Area legal framework. This initiative aims to enhance understanding and awareness of the AfCFTA among key stakeholders in The Gambia.The workshop focused on educating participants about the legal aspects and potential benefits of the AfCFTA for The Gambia. By involving CSOs and journalists, the ministry seeks to improve public knowledge and engagement with the free trade agreement.
The AfCFTA, which came into effect in January 2021, is designed to create a single market for goods and services across Africa. For The Gambia, participation in this agreement could open up new economic opportunities and boost regional trade.
This knowledge-sharing initiative is crucial for ensuring that Gambian businesses and citizens can fully leverage the benefits of the continental free trade area.
Weekly Global Economic Updates
🛬 Central Bankers Predict a Soft Landing Ahead
At the Jackson Hole summit, central bankers from around the world expressed confidence that major economies could achieve a "soft landing" without triggering a recession. The mood was notably optimistic, a stark contrast to the gloom of recent years. U.S. Federal Reserve Chair Jay Powell signaled that rate cuts are on the horizon, citing easing inflation and a stabilizing labor market 👷
However, he cautioned that the pace of rate cuts will depend on incoming data. Meanwhile, the European Central Bank and Bank of England echoed similar sentiments, highlighting cautious optimism and the potential for further rate reductions.
💹 Is U.S. Monetary Policy Tight or Not?
Debate continues over the state of U.S. monetary policy. While some argue that rising real interest rates indicate tightening conditions, others believe that the resilience of the economy suggests that policy is not overly restrictive. Despite these differing views, there is broad consensus that the Federal Reserve should proceed with rate cuts, especially given the recent moderation in inflation and labor market conditions🧑
🏠 U.S. Household Data Supports Expectations for Rate Cuts
Recent U.S. data shows modest growth in real disposable income and robust consumer spending 🛍️, with durable goods purchases leading the way 🚗. The Fed's preferred inflation measure remained steady, suggesting that the central bank is on track to begin rate cuts in September. The current economic environment appears supportive of a gradual easing of monetary policy.
🇪🇺 Eurozone Inflation Data Backs a September Rate Cut
Inflation in the Eurozone fell to its lowest level since July 2021 📉, reinforcing expectations of a rate cut by the European Central Bank in September. While service inflation remains a concern 🛠️, particularly in the wake of the Olympic games in France, overall data points to a more favorable monetary environment in Europe.
💴 Usage of Chinese Renminbi is Rising
China's push to reduce dependence on the U.S. dollar in international trade is gaining momentum 📈. The renminbi now accounts for over half of China’s trade transactions, driven by currency swap agreements and increased trade with Russia 🇷🇺. However, despite these gains, the renminbi still represents less than 5% of global transactions, highlighting the long road ahead for China’s currency ambitions.
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