The 61st African Economic Research Consortium (AERC) Biannual Plenary Session, themed "𝐓𝐡𝐞 𝐅𝐢𝐧𝐓𝐞𝐜𝐡 𝐑𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐢𝐧 𝐀𝐟𝐫𝐢𝐜𝐚," was held on December 1, 2024, in Nairobi, Kenya, bringing together economists, policymakers, and industry leaders to address Africa's growing FinTech sector, which is projected to reach $65 billion by 2030. Central Bank of Kenya Governor Dr. Kamau Thugge's keynote address highlighted Kenya's pioneering role in digital financial inclusion while acknowledging key challenges such as infrastructure constraints, regulatory complexities, and cybersecurity threats, alongside African Economic Research Consortium (AERC) Executive Director Prof. Victor Murinde's unveiling of the organization's Strategic Plan for 2025-2035.

The event, organized in partnership with the Central Bank of Kenya and Kenya Bankers Association , featured three major components: a Practitioners Round Table exploring banking sector FinTech development, a Central Bank Governors Forum focusing on Central Bank Digital Currencies, and panels addressing regulatory frameworks and AI in financial services. The plenary session emphasized the continent's potential to lead the global digital finance revolution, with discussions centered on leveraging mobile money services, alternative lending platforms, and emerging technologies to foster financial inclusion and economic transformation across Africa.

𝑃ℎ𝑜𝑡𝑜: 𝐴𝐸𝑅𝐶 𝐸𝑥𝑒𝑐𝑢𝑡𝑖𝑣𝑒 𝐷𝑖𝑟𝑒𝑐𝑡𝑜𝑟, 𝑃𝑟𝑜𝑓. 𝑉𝑖𝑐𝑡𝑜𝑟 𝑀𝑢𝑟𝑖𝑛𝑑𝑒 (𝑀𝑖𝑑𝑑𝑙𝑒) 𝑠ℎ𝑎𝑟𝑒𝑠 𝐴𝐸𝑅𝐶’𝑠 𝑙𝑒𝑎𝑑𝑒𝑟𝑠ℎ𝑖𝑝 𝑟𝑜𝑙𝑒 𝑖𝑛 𝑝𝑜𝑙𝑖𝑐𝑦 𝑜𝑟𝑖𝑒𝑛𝑡𝑒𝑑 𝑒𝑐𝑜𝑛𝑜𝑚𝑖𝑐 𝑟𝑒𝑠𝑒𝑎𝑟𝑐ℎ 𝑤𝑖𝑡ℎ 𝐺𝑜𝑣𝑒𝑟𝑛𝑜𝑟

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Rwanda is launching a comprehensive five-year FinTech Strategy (2024-2029) with the dual objectives of positioning the country as a regional financial center and promoting customer-centric financial inclusion through digital transformation.

The strategy aims to establish Rwanda as a launchpad for FinTechs to expand into regional markets while leveraging innovative digital solutions to foster economic growth and reduce financial disparity, with specific targets including growing the number of FinTech players from 75 to 300, creating 7,500 FinTech jobs, and attracting $200 million in investments by 2029.The strategy identifies six key focus areas for development: 𝐢𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐥𝐢𝐭𝐞𝐫𝐚𝐜𝐲, 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠 𝐚𝐜𝐜𝐞𝐬𝐬 𝐭𝐨 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐧𝐝 𝐜𝐚𝐩𝐢𝐭𝐚𝐥, 𝐞𝐧𝐡𝐚𝐧𝐜𝐢𝐧𝐠 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐠𝐮𝐢𝐝𝐚𝐧𝐜𝐞 𝐚𝐧𝐝 𝐜𝐥𝐚𝐫𝐢𝐭𝐲, 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞, 𝐬𝐭𝐢𝐦𝐮𝐥𝐚𝐭𝐢𝐧𝐠 𝐞𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦 𝐜𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐝𝐞𝐞𝐩𝐞𝐧𝐢𝐧𝐠 𝐭𝐡𝐞 𝐭𝐚𝐥𝐞𝐧𝐭 𝐩𝐨𝐨𝐥. Implementation will be phased over three stages - establishing fundamentals and supercharging sectors (Phase 1), nurturing the ecosystem (Phase 2), and growing the ecosystem (Phase 3) - with oversight from a steering committee comprising key stakeholders including MINICT, MINECOFIN, BNR, CMA, RFL, AFR, and the FinTech Association, supported by working groups focused on specific initiatives across each focus area.Rwanda's ambitious FinTech strategy builds upon a foundation of rapid growth in the country's financial technology sector, which has expanded from just 17 FinTechs in 2014 to 75 in 2021.

 This growth has been driven by a number of factors, including the country's strong leadership and commitment to innovation, its strategic location, and its growing pool of tech talent. The government has also been proactive in creating a supportive environment for FinTechs, with initiatives such as the Kigali International Financial Centre and the regulatory sandbox. The FinTech Strategy aims to build on this momentum by addressing key challenges such as low financial literacy rates and limited access to funding, with the ultimate goal of making Rwanda a leading FinTech hub in Africa.

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2B payments are undergoing a dramatic transformation in 2024, driven by technological advancements and evolving business needs, as highlighted in PYMNTS's comprehensive Outlook 2030 report featuring insights from leading financial institutions and technology providers. Key trends reshaping the industry include the reimagining of B2B transactions through platform-based marketplaces, the strategic implementation of generative AI, the rise of embedded finance, and the modernization of cross-border payments, with industry leaders emphasizing that B2B payments have evolved beyond simple transactions to become critical strategic components of business operations.

The report features expertise from diverse industry leaders, including Billtrust's focus on AI-driven payment automation, Bank of America 's insights on cross-border payment complexities, Coupa's perspective on data-driven cash flow management, and Revolut 's innovative approach to digital payments. These leaders collectively highlight how emerging technologies and partnerships are addressing traditional pain points in B2B payments, such as the transition from paper checks to digital solutions, the integration of artificial intelligence for improved decision-making, and the development of more efficient cross-border payment mechanisms to meet the demands of an increasingly global business environment.

The B2B payments landscape is undergoing a seismic shift, with artificial intelligence and automation emerging as pivotal forces in reshaping financial operations. Generative AI is revolutionizing decision-making processes, particularly in cash flow forecasting and buyer experience personalization. The transformation extends beyond mere digitization, as embedded finance eliminates friction in B2B transactions, with innovations like buy now, pay later (#BNPL) being adapted for business contexts. Cross-border payments are being reimagined through blockchain and digital tokens, with stablecoins settling over $2.6 trillion in transactions during just the first half of 20243. Industries like retail, #eCommerce, and manufacturing are leading this charge, leveraging digital tools to streamline their supply chains and financial processes. However, sectors such as healthcare and freight logistics face adoption challenges due to regulatory compliance concerns and regional fragmentation. The integration window for these innovations is tightening, with implementation timelines shrinking from months to weeks, making the case for embracing change more compelling for businesses seeking to optimize their working capital and enhance supplier relationships.

#B2BPayments #Fintech #AIinFinance

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New data from PYMNTS Intelligence reveals a significant disparity in Buy Now, Pay Later (BNPL) adoption between online and brick-and-mortar retail settings during Black Friday 2024, with BNPL accounting for 10.1% of online transactions compared to 7.4% of in-store purchases. The research, which surveyed over 2,800 individuals, found that 72% of consumers shopped online while 56% shopped in-store, with only 28% shopping exclusively in physical locations, demonstrating that online channels remain the primary conduit for commerce where BNPL options are more actively sought and utilized.

The study reveals distinct consumer behaviors regarding BNPL availability across channels: in-store shoppers are more likely to proceed with purchases using alternative payment methods if BNPL is unavailable (21% versus 16.6% online), while online shoppers are more likely to abandon purchases entirely without BNPL options (12% versus 7.9% in-store). This behavioral difference underscores BNPL's stronger competitive advantage in digital commerce, where consumers generally allocated larger budgets, with overall Black Friday participation increasing from 53% in 2023 to 62% in 2024, and BNPL users consistently spending more on average than those using traditional payment methods.

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#BuyNowPayLater #BlackFridayTrends #DigitalCommerce

LeapFrog Investments has successfully closed its fourth fund with commitments totaling $1.02 billion, exceeding its initial $1 billion target, to drive investment in healthcare and financial services companies across global growth markets. The fundraise includes $808 million in primary fund commitments and up to $210 million in pre-allocated co-investment, bringing total new allocations across recent fundraising to over $1.15 billion, with cornerstone investors including Temasek , AIA , Prudential Financial , and significant commitments from global institutions across Singapore, China, Japan, Austria, Norway, Oman, and Turkey.

Fund IV aims to support 100 million emerging consumers and has already reached 24 million through its initial five companies, including Redcliffe Labs , bolttech, Electronica Finance Limited , Auxilo Finserve Private Limited , and Sun King. The successful fundraising, achieved during one of the most challenging private equity fundraising cycles this century, demonstrates LeapFrog's distinctive "Profit with Purpose" approach, combining strong returns with social impact through investments in companies providing essential services to emerging consumers, while also recently launching a new climate investing strategy for Africa and Asia.

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#ImpactInvesting #GlobalGrowthMarkets #HealthcareFinance

Revolut , the fintech giant celebrating 50 million customers in 2024, has unveiled an ambitious 2025 strategy that bridges digital and physical banking services, including the introduction of smart ATMs, AI-powered banking assistants, and mortgage products. The company, which has added 10 million customers globally in 2024 alone, plans to launch its first physical ATMs in Spain by early 2025, introduce mortgages in Lithuania, Ireland, and France, and develop an AI-powered financial companion that will guide customers toward smarter money management decisions, representing a significant expansion beyond its digital-first roots.

On the business front, Revolut is set to launch its first European business credit product in 2025, along with competitive EU business savings rates and the Revolut Kiosk system for restaurant and store operations. These developments, announced at "The Revolutionaries" event in London, signal Revolut's intention to challenge traditional banks across their core profit centers, including mortgages and business banking. The company's hybrid approach of combining physical infrastructure with digital innovation suggests a new industry standard that could pressure traditional banks to modernize their services or risk losing market share to more agile fintech competitors.

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World Labs , an AI startup founded by Fei-Fei Li and valued at over $1 billion, has revealed its groundbreaking AI system that transforms single images into interactive, 3D video game-like environments that users can explore with a keyboard and mouse. The technology, which distinguishes itself from other AI systems through its ability to maintain scene consistency and basic physics while allowing real-time modifications including dynamic lighting and color changes, represents a significant advancement in the emerging category of AI "world models," though currently with limitations such as restricted movement areas and occasional rendering errors.

The company, which has secured $230 million in funding from prominent investors including Andreessen Horowitz , Intel Capital , AMD VENTURES, LLC , and Eric Schmidt, aims to launch its first product in 2025, targeting professionals in gaming, film, design, and engineering industries. According to co-founder Justine Johnson, World Labs' technology could revolutionize virtual world creation, traditionally a costly and time-consuming process, by enabling the generation of fully simulated, interactive 3D environments, marking a shift from the 2D content typical of current generative AI tools.

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#AIInnovation #3DWorldModels #TechDisruption

ByteDance, TikTok's parent company, has filed a lawsuit seeking 8 million yuan ($1.1 million) in damages from former intern Tian Keyu for allegedly sabotaging its AI language model training infrastructure. The unusual case, filed in Beijing's Haidian District People's Court, has drawn significant attention in China's AI sector.

The company alleges Tian, a Peking University postgraduate student, deliberately manipulated code and made unauthorized modifications to model training tasks before his dismissal in August. While ByteDance has dismissed rumors of millions in losses and damage to over 8,000 GPUs as "seriously exaggerated," the case highlights growing tensions in China's AI race and marks an unprecedented legal action against an intern for such a substantial sum.

#ByteDance #AIIntegrity #ChinaTech

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The cryptocurrency regulatory landscape is poised for significant transformation in 2025, with Donald Trump's presidential victory signaling a potential shift in U.S. crypto oversight from the SEC to the CFTC, while the UK's Labour government prepares to implement a comprehensive new regulatory framework for digital assets. These changes, coupled with Trump's crypto-friendly stance which has already positively impacted cryptocurrency values, suggest a more supportive environment for the industry, with the Blockchain Association's CEO Kristin Smith predicting reduced government hostility and positive developments across the ecosystem.

Beyond the U.S. and UK, several countries are advancing their crypto regulatory frameworks in 2025, including Rwanda's planned Q1 regulations, South Korea's upcoming cross-border transaction guidelines, and Russia's introduction of the Digital Ruble alongside a 15% tax on crypto trading and mining income. The UK's approach, presented by Economic Secretary Tulip Saddiq, aims to align with global standards like the EU's Markets in Crypto-Assets (MiCA) regulation, implementing changes in a single phase to prevent crypto companies from relocating to more favorable jurisdictions, marking 2025 as a transformative year for cryptocurrency regulation globally.

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Altos Ventures , the Silicon Valley VC firm known for backing successful companies like Roblox , Coupang , and Quizlet, has raised its largest fund to date at $500 million, bringing its total assets under management to over $7 billion across more than 15 funds. The 28-year-old firm, which specializes in enterprise and consumer software sectors and claims to be the first institutional investor in more than 50 high-growth, founder-led companies, manages investments through three vehicles: Altos Ventures, Altos Hybrid funds, and Altos Korea Opportunity Fund.

This substantial fundraise is particularly significant given the current challenging venture capital environment, where emerging fund managers struggle to raise capital and later-stage startups face difficulties securing growth rounds. Unlike some peers who have scaled to multibillion-dollar funds, Altos has maintained a more conservative approach similar to Benchmark, consistently keeping funds below $1 billion. This strategy aligns with Cambridge Associates' data showing historically higher returns for smaller funds, as exemplified by the firm's track record of backing nearly 250 companies, with over a dozen achieving public listings or acquisitions by public companies.

#VentureCapital #AltosVentures #TechInvestments

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The European Commission has launched a major initiative to streamline sustainability reporting requirements, marking a significant shift in corporate ESG compliance. Two key notices published in November 2024 provide comprehensive guidance for both companies and financial institutions, with the first notice (C/2024/6792) clarifying general sustainability reporting obligations and the second (C/2024/6691) specifically addressing financial companies' taxonomy-related disclosures. This new framework aims to consolidate three major regulations - the Corporate Sustainability Reporting Directive, EU Taxonomy Regulation, and Corporate Sustainability Due Diligence Directive - into a single, more manageable regulation.

In a direct response to business concerns, the European Commission has committed to reducing reporting requirements by at least 25% by early 2025, following recommendations from Mario Draghi's competitiveness report. The streamlined approach will require all large companies and listed companies (except micro-enterprises) to report sustainability information according to standardized European Sustainability Reporting Standards, with mandatory digital reporting and limited assurance auditing requirements. This consolidation represents a strategic balance between maintaining robust ESG oversight while significantly reducing the administrative burden on companies, ultimately enhancing EU market competitiveness.

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#ESGReporting #GreenFinance #SustainableBusiness

The global tech sector is showing remarkable resilience according to DLA Piper's 2024 Tech Index, with two-thirds of technology companies expecting revenue growth in the next 12 months and the survey recording its highest-ever confidence score of 71. The comprehensive study, which included 1,200 executives across six major regions for the first time, reveals particularly strong confidence in North America, Latin America, and Africa, while artificial intelligence emerged as the primary growth opportunity for 63% of respondents, rising to 72% among European organizations.

Despite ongoing geopolitical tensions and economic challenges, companies are adopting a more measured approach to growth, with the survey indicating a shift toward disciplined investment strategies and careful technology evaluation, particularly in AI implementation. The study also highlights a changing perspective on regulation, with 75% of participants viewing the current regulatory environment as conducive to growth, though geopolitical concerns remain significant, as evidenced by a drop in confidence to 53 when respondents specifically considered international tensions and trade relationships.

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OpenAI , the company behind ChatGPT, aims to achieve user numbers rivaling major platforms like TikTok and Instagram by 2025, with CFO Sarah Friar announcing plans for significant infrastructure investment to support this ambitious growth. The company, which currently serves 250 million weekly active users, plans to expand its data center capacity in the US Midwest and southwest to accommodate a projected fourfold increase in users and support more advanced AI models, according to VP of Global Affairs Chris Lehane .

Following its recent $6.6 billion funding round at a $157 billion valuation, OpenAI is positioning itself for massive expansion while remaining open to exploring new revenue streams, including potential advertising models. The company's aggressive growth strategy comes amid broader industry discussions about AI infrastructure demands, with CEO Sam Altman reportedly seeking trillions in funding for data center build-outs, highlighting the substantial computing power and resources required to advance toward what he envisions as an era of "superintelligence.

#AIRevolution #OpenAIGrowth #FutureOfTech

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Qatar Financial Centre (QFC) Authority (QFCA) and Casablanca Finance City Authority (CFCA) have signed a strategic Memorandum of Understanding (MoU) to strengthen their positions as leading financial hubs and promote economic development in Qatar and Morocco. The partnership, formed between these World Alliance of International Financial Centres members, focuses on key objectives including the development of financial technology, private banking and sports sectors, while facilitating the attraction of financial institutions and multinational corporations to both centers.

The collaboration, as highlighted by QFC CEO Yousuf Mohamed Al-Jaida and CFC CEO Said Ibrahimi, aims to create a bridge between Africa and the Middle East through various initiatives including information exchange on innovation trends, cross-border business engagement, and joint financial literacy programs. The agreement emphasizes developing professional training initiatives to build a skilled workforce for the evolving financial sector, marking a significant step in establishing a resilient and globally competitive financial ecosystem between the two regions.

#AfricaMiddleEastFinance #FinTechCollaboration #QFCA CFCAPartnership

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Payless , a Kenyan fintech company, launched the Bank-to-Payless feature during its DemoDay 2024 event on November 25, enabling direct bank-to-wallet transfers of up to Ksh—500,000 daily.

The new functionality, shows an advancement in digital banking by allowing customers to bypass traditional mobile money systems and transfer funds directly from their bank accounts to Payless wallets.

This innovation addresses a crucial market need while partnering with three major banks to streamline the digital wallet funding process.

The launch shows Payless growing influence in the African fintech landscape. With over 500,000 users, the company targets Kenya's youth demographic through its super app strategy, which CEO Kevin Mulei describes as a "game-changer" for customers.

The feature aims to change how users interact with digital financial services, focusing on salary deposits and daily transactions while setting the stage for additional innovative features planned for 2025.

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The The World Bank Group has launched a High-Level Advisory Council on Jobs at its 2024 Annual Meeting in Washington, DC, assembling an impressive roster of global leaders to address employment crisis in the Global South. Co-chaired by Singapore's President Tharman Shanmugaratnam and former Chilean President Michelle Bachelet, the council will focus on creating job opportunities for an unprecedented 1.2 billion working-age adults expected over the next decade, with current projections showing only 420 million jobs available, potentially leaving 800 million without economic prospects.

Among the council's distinguished members is Dr. James Mwangi, CEO of Equity Bank Limited Group Holdings, whose inclusion reflects the critical focus on Africa.

The 14-member council, meeting bimonthly for two years, brings together diverse expertise from leaders, all working to develop actionable policies for job creation and economic growth in emerging markets.

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Dealroom.co has partnered with GrowthAfrica and Systemic Innovation to launch the Kenya Startup Ecosystem Platform, an open-access database designed to provide real-time insights and build connections within Kenya's entrepreneurial landscape.

The platform features thousands of startup profiles and ecosystem data points, enabling entrepreneurs, investors, policymakers, and researchers to track funding patterns, benchmark performance, and make informed decisions while enhancing the visibility of Kenyan ventures in the global market.

Supported by the FCDO-funded Research Innovation Systems for Africa (RISA) Fund, the platform has garnered endorsements from key ecosystem leaders including Endeavor Kenya 's Managing Director Maryanne Ochola and ASSEK CEO Mercy Kimalat , who highlight its value for benchmarking, strategy refinement, and evidence-based support for startups.

The initiative represents a step in building resilient data infrastructure for Kenya's startup ecosystem, with Strathmore Business School's Elisha Bwatuti noting its potential to drive academic research and inform policy decisions in Africa's dynamic startup environment.

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Mashreq has partnered with British International Investment (BII), in a $50 million trade finance initiative to boost cross-border trade in emerging markets across South Asia and Africa.

The collaboration, structured under a Master Risk Participation Agreement, will use Mashreq's established network to provide US dollar liquidity for essential imports, addressing the growing trade finance gap caused by rising inflation and declining investor interest in non-traditional banking sectors.

According to Chiradeep Deb , Mashreq's global head of investment banking, and Admir Imami, BII's director of trade and supply chain finance, this collaboration is step toward fostering sustainable economic growth in emerging markets while making trade finance more accessible to countries struggling with import and export financing.

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UNDP and Ethiopia's Ministry of Industry have launched the timbuktoo ManuTech Hub in Addis Ababa, set to open in early 2025, offering African startups funding, mentorship, and technical resources through a three-month hybrid accelerator program. The initiative aligns with Ethiopia's "Vision 2025" manufacturing ambitions and aims to address challenges in the country's industrial development.

Despite Ethiopia's $1 billion investment in 18 industrial parks and incentives to attract manufacturers, the sector has underperformed according to a 2023 UNDP report. The hub seeks to bridge technical and managerial expertise gaps that have hindered Ethiopia's goal of becoming Africa's manufacturing center. Selected startups will receive seed grants and participate in bi-annual cohorts, focusing on integrating technology with manufacturing to meet regional demands and support Ethiopia's targeted 11% annual GDP growth.

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The Monetary Authority of Singapore (MAS) has fined J.P. Morgan Chase S$2.4 million ($1.79 million) for failing to prevent and detect misconduct where relationship managers provided inaccurate information to clients in 24 over-the-counter bond transactions, charging spreads above agreed rates.

JPMorgan has admitted liability, paid the penalty, refunded overcharged fees, and enhanced its pricing frameworks and controls since discovering the issues in 2020. The bank noted the affected trades represent "a very small portion" of total transactions during the period. MAS cited inadequate processes for ensuring adherence to pre-agreed spreads and is investigating the individual managers involved. The bank has implemented a comprehensive update to its internal controls, monitoring, and training framework to prevent recurrence.

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The winners of the World Finance Digital Banking Awards 2024

Digital banking has experienced significant growth in 2024, driven by increased adoption of fintech solutions, AI and machine learning, digital wallets, and cryptocurrencies, with Central Bank Digital Currencies (CBDCs) projected to reach $213 billion in annual payments by 2030, up from $100 million in 2023 according to Juniper Research. The industry has seen major trends in AI-powered hyper-personalization, open banking, embedded finance, and enhanced security measures, with McKinsey research suggesting that countries successfully implementing secure digital identity and ID wallets could unlock economic value of three to six percent of GDP by 2030.

The World Finance Digital Banking Awards has recognized industry leaders across multiple categories, with First National Bank LI® , Ping An Bank Co., Ltd. , Garanti BBVA , Commercial Bank, Bancolombia , and Bank of America winning Best Digital Bank awards in their respective regions. The awards also highlighted excellence in consumer digital banking and mobile banking apps across various countries, with institutions like Revolut , Access Bank Plc , Standard Chartered, and Garanti BBVA receiving recognition for their innovative approaches to digital banking services and customer experience enhancement.

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The African Development Bank Group (AfDB) celebrated its 60th anniversary in Addis Ababa, marking six decades of transformative development across Africa since its establishment in 1964 with the vision of "Africans for Africa." The Bank has grown from an initial capital base of 250 million USD to 380 billion USD, financing over 184 billion USD worth of projects across the continent, including 6,575 projects spanning infrastructure, energy, and agricultural initiatives, as highlighted by Eastern Africa Region Deputy Director General Leandre Bassole.

In Ethiopia specifically, the AfDB has funded 213 projects since 1975, including 39 in transportation, 28 in energy, and 66 in agriculture, according to State Minister of Finance Semereta Sewasew. Notable achievements include the construction and upgrading of more than 800 kilometers of roads, the Ethiopia-Kenya Electricity Highway project which has positioned Ethiopia as a regional energy exporter, and the Technologies for African Agricultural Transformation (TAT) program that has reached 1.8 million Ethiopian farmers, demonstrating the Bank's significant impact on the country's development.

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African Development Bank President Akinwumi Adesina has overseen a dramatic expansion of the Bank's capital base from $93 billion to $318 billion during his nine-year tenure, while significantly increasing its commitment to climate finance from 9% to over 50% of total lending. In an exclusive interview at COP29 in Baku, Adesina highlighted the Bank's innovative responses to Africa's climate challenges, including the Climate Action Window which has attracted over $4 billion in subscriptions, the $25 billion African Adaptation Acceleration Program, and the Technologies for African Agricultural Transformation initiative that has benefited more than 22 million farmers.

The Bank is also addressing critical challenges including debt distress affecting 22 African countries, with annual debt service payments rising from $17 billion in 2010 to $74 billion currently. Under Adesina's leadership, the Bank is pursuing solutions such as the creation of an African credit rating agency, the consolidation of investment guarantee instruments into the Africa Investment Guarantee Agency, and the development of Youth Entrepreneurship Investment Banks to address youth unemployment. The Bank is also working on leveraging IMF Special Drawing Rights to maximize their impact, potentially increasing their effectiveness up to eight times through a new framework designed to maintain reserve asset status while providing enhanced liquidity access.

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ENAKL , a Moroccan shared mobility startup, has secured $1.4 million in preseed funding led by Catalyst Fund, with participation from Renew Capital , Digital Africa , STATION F , and 15 business angels. Founded in September 2023 by Samir Bennani , Charles Pommarède , and Ahmed Omrane , the startup addresses urban commuting challenges through sustainable shared transit solutions, currently managing over fifteen thousand bookings monthly in Casablanca with a 20% monthly growth rate.

The funding will be used to accelerate the development of Enakl's technology, particularly incorporating AI for route optimization, while expanding its impact in Casablanca before targeting other African cities. The startup's business model focuses on corporate partnerships and collaboration with local transport operators to provide affordable shared mobility options for daily home-to-work commutes, aiming to reduce congestion and carbon emissions while enhancing employee satisfaction and helping employers reduce their carbon footprint.

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Africa faces a critical brain drain crisis as its highly educated professionals increasingly migrate to Western nations, exemplified by Nigeria's "Japa" phenomenon, with over 120,000 Nigerians settling in Canada in 2022 alone. The exodus is particularly severe in healthcare, with more Ghanaian nurses working in the UK than in Ghana, and Nigeria losing 75,000 nurses since 2017, while the WHO projects a shortage of 5.3 million healthcare workers in sub-Saharan Africa by 2030, despite the continent's young population and projections that one in four people globally will be African by 2050.

The economic impact is significant, with remittances from Africans abroad reaching $100 billion in 2022, double the 2012 figures, while the continent struggles to create enough formal jobs for its youth, with only three million formal positions available for the 10-12 million young Africans entering the workforce annually. Solutions proposed include expediting the implementation of the African Continental Free Trade Area, which could add $450 billion to the region's economy by 2035, improving local processing capabilities rather than just exporting raw materials, and creating environments that encourage skilled workers to remain in or return to their home countries.

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Dr. Wisely Phiri , owner of Malawi's Sparc Systems Limited, has been named Africa's Most Impactful and Innovative Business Leader for 2024 at the Consumer Choice Africa Awards in Dar es Salaam, winning against eight continental business leaders. The recognition follows Sparc Systems' recent launch of its new headquarters in Lilongwe.

Consumer Choice Africa Awards CEO Diana Laizer emphasized the awards' focus on recognizing businesses and leaders demonstrating excellence in customer satisfaction, quality, and innovation. Dr. Phiri attributed the success to his team's efforts in establishing Sparc as a continental household name in ICT solutions, highlighting the achievement's significance given competition from larger markets. The award reinforces Sparc Systems' vision of becoming a globally recognized African brand while positioning Malawi as an innovation hub.

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• Socium, a Senegal-based HRtech startup, has raised $3 million in seed funding from Breega, Partech, Orange Ventures, Chui Ventures, and other investors. Socium plans to double down on francophone Africa and is eyeing expansion into Morocco and the Democratic Republic of Congo (DRC).

• Spouts International, a Ugandan manufacturer of ceramic water filters has raised $3 million from Incofin, through its Water Access Acceleration Fund (W2AF).

• Stima, a Kenyan cleantech company has raised an undisclosed amount of funding from Renew Capital. Stima will use the funds to support the transition of 15 million motorbike drivers to electric two-wheelers.

• Access Bank, Nigeria’s largest bank by assets has acquired Standard Chartered Bank’s operations in Angola and Sierra Leone. This is part of Access Bank’s goal to expand its footprint across Africa.

• Senegal-based e-mobility and energy solutions startup Solarbox Africa has raised $1 million in pre-seed funding. The company plans to scale production, strengthen its presence in Senegal, and explore opportunities in neighbouring countries.

• Kenyan energy startup Hydrobox has secured $9 million in debt funding from FMO and EDFI Management Company through ElectriFI. The investment will support eight small hydro projects across four mini-grids in Kenya, providing electricity to 2,582 households.

• Egyptian e-commerce platform Ariika has raised $3 million in a Series A extension round. The investment will fuel its growth locally and regionally, with plans to expand into Saudi Arabia by January 2025, following its recent launch in Iraq.

• Egyptian e-commerce platform Sylndr has secured a $7.45 million working capital facility to offer better car loans to its customers.

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