The Alliance of Digital Finance and Fintech Associations (AllianceDFA) has announced its DFA Awards 2024 winners, recognizing excellence across multiple categories including fintech support, regulatory impact, talent development, and consumer protection. Notable winners include Portugal Fintech and Indonesia Blockchain Association for Excellence in Fintech and Start-up Support, FinTech Australia and FITSPA Uganda for Leadership in Regulatory Impact, and Mauritius Africa FinTech Hub and Mongolia Fintech Association for Excellence in Capacity Building and Talent Development.

The awards also recognized Indonesia Fintech Association (AFTECH) and Kenya's FINTAK for Innovation in Industry Reports, while Fintech Alliance Philippines won Best Initiative for Consumer Protection for its cybercrime awareness campaign that contributed to a 57% drop in cybercrime. The DRC Fintech Association was honored for Outstanding Event of the Year for its Palabres Fintech 2024 conference, and a special Outstanding DFA of the Year award went to India's Fintech Association for Consumer Empowerment (FACE) for becoming the country's first Self-Regulatory Organisation (SRO) for the fintech sector, as recognized by the Reserve Bank of India.

Fintech Asssociation of Kenya Chairperson, Duncun Motanya expressed gratitude upon receiving the Innovation in Industry Reports recognition at the 2024 DFA Awards. 'This award validates our commitment to providing valuable insights into Kenya's fintech landscape,' Motanya said. 'We're honored to be recognized alongside distinguished winners like Portugal Fintech, Indonesia Blockchain Association, and FACE India. Our mission remains focused: strengthening Kenya's position as Africa's fintech hub through research, advocacy, and industry development. This recognition motivates us to continue delivering high-quality market intelligence that serves our growing fintech ecosystem.'"

🏆 Find out who the winners are and the incredible achievements they’ve made in advancing digital finance: here

Microsoft 's Africa Transformation Office (ATO) has launched a new initiative to accelerate AI-driven startups across Africa in collaboration with NVIDIA , offering startups access to NVIDIA's Inception program for advanced technology and mentorship, alongside Microsoft's resources including Azure, GitHub , and technical support. The partnership, announced following the successful Microsoft African Startups AI Fest, aims to leverage Africa's growing tech ecosystem, which currently includes over 2,400 active AI startups, with General Manager Gerald Maithya emphasizing the goal of empowering African entrepreneurs to address unique regional challenges.

The initiative will be supported through the Microsoft Africa Development Center in Nairobi, providing workshops, AI training sessions, and hands-on mentorship to help startups scale globally. Success stories from the African AI ecosystem already include Kenya's Snark Health, Nigeria's Aibanc, and Morocco's PCS Agri, demonstrating AI's transformative potential across sectors including healthcare, agriculture, and fintech.

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A Federal High Court in Lagos has ordered Access Bank Plc to pay N10 million in damages for illegally freezing a customer's account with a Post No Debit (PND) order without court authorization. Justice Ayokunle Faji ruled that the bank's actions violated Section 44 of the 1999 Constitution and Article 14 of the African Charter on Human and Peoples Rights.

The case (FHC/L/CS/2461/2023) found that the customer was denied access to their account for 29 months since August 2022, despite the bank arguing that account access rights aren't absolute. The judge rejected Access Bank's defense, declaring that banks cannot place PND orders based on third-party instructions without valid court orders. The ruling considered recent currency devaluation in assessing damages and granted a perpetual injunction against future account interference.

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The Bank of Industry Limited (BOI) and African Guarantee Fund (AGF) have signed a $50 million loan portfolio guarantee framework at the Africa Investment Forum in Rabat, aimed at supporting Nigerian women entrepreneurs, MSMEs, and sustainable businesses. The agreement, backed by AfDB's AFAWA initiative, will be implemented in three tranches over 10 years.

The partnership aims to unlock up to $100 million in financing, building on BOI's track record of disbursing ₦1.6 trillion in loans and creating nine million jobs over the past decade. According to BOI Managing Director Dr. Olasupo Olusi, the ₦75 billion guarantee will prioritize women-owned and climate-conscious enterprises. AGF Group CEO Jules Ngankam highlighted that the deal includes tailored guarantees and technical assistance for BOI's SME products targeting women, youth, and green businesses.

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The African Development Bank Group (AfDB) has released the first of four tranches from its $1 billion loan to Transnet, supporting the South African state-owned company's R152.8 billion five-year infrastructure upgrade plan. The funding addresses Transnet's operational challenges following years of under-investment, equipment theft, vandalism, and pandemic impacts.

The disbursement follows September's loan agreement and reflects Transnet's compliance with AfDB's governance and environmental requirements. With over 30,000 km of railway infrastructure - the largest in emerging economies - Transnet connects South African ports with regional partners including Botswana, Zambia, Zimbabwe, and DRC. AfDB Private Sector VP Solomon Quaynor emphasized the bank's commitment to African private sector growth, while noting Transnet's improved governance practices in tendering and financial management.

The Africa Investment Forum 2024 Market Days in Rabat, Morocco, has secured $29.2 billion in new investor interests across 37 investment projects, with participation from 2,300 investors and delegates from 83 countries, representing a 60% increase from last year. The projects, discussed across 41 investment boardrooms, span sectors including transport, power, energy, agribusiness, industry, mining, pharmaceuticals, private equity, tourism, and infrastructure, with some projects like Nigeria's Special Agro-Processing Zone attracting $4.8 billion in interest, far exceeding its initial $975 million target.

African Development Bank President Dr. Akinwumi A. Adesina, who was named "African of the Decade" during the event, announced 15 new sponsors including banks, insurers, and export credit agencies for next year, highlighting the Forum's growth as a "global investment movement for Africa." The event's success was attributed to strong collaboration among founding partners, including Africa50, Afreximbank, Development Bank of Southern Africa, and others, with Morocco's Minister of Economy and Finance Nadia Fettah Alaoui emphasizing the Forum's role as a catalyst for Africa's transformation and openness to business.

Kenya and Nigeria dominated African startup funding in November 2024, securing $136.8 million of the total $180 million raised across the continent. Nigeria's Sun King solar company received the largest investment with IFC's $80 million debt funding, while Kenya's Mawingu secured $15 million for East African expansion.

African startups have raised $1.86 billion in 2024 through November, averaging $302 million monthly, with funding split between equity (64%), debt (34%), and grants (2%). Despite this achievement, it falls short of 2023's $2.9 billion total. The month also saw two exits: Egyptian firm Elmawkaa's acquisition by Saudi's Ayen and SteamaCo's merger with Shyft Power Solutions. Notably, Ivory Coast's Djamo secured a rare $13 million Series B round, with these three deals representing two-thirds of November's total funding.

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The African Development Bank Group has committed $24 million in equity investment to the West African Development Bank (BOAD), including $10.8 million in callable capital through 2027, increasing its shareholding from 0.54% to 1%. The agreement was signed by Solomon Quaynor and Serge Ekué at the Africa Investment Forum 2024 in Rabat.

The investment supports BOAD's December 2022 capital increase and aims to strengthen the bank's investment-grade rating and market access capabilities. The funding will benefit West African Economic and Monetary Union states and private sector development, complementing a previous credit line from 2021. The partnership aligns with three of the African Development Bank's "High 5" priorities: Feed Africa, Industrialize Africa, and Improve Africans' quality of life, while enhancing support for five fragile states in the region.

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The African Development Bank has been named lead arranger for the $340 million Moyi Power metro-grids project in DRC, a private sector initiative led by Gridworks , Eranove , and AEE Power consortium. The project aims to provide 24/7 electricity and street lighting to one million people across three cities - Bumba, Isiro, and Gemena.

The initiative, primarily using solar photovoltaic energy, addresses DRC's severe electricity access gap, where over 80% of the population lacks power. AFDB Vice President Kevin KARIUKI highlighted the project's alignment with the bank's "Light Up and Power Africa" priority and Mission 300 goals. Named after the Lingala word for "sun," Moyi Power demonstrates the potential of blended finance and private sector partnerships in delivering clean energy to underserved communities.

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Africa's digital transformation is being driven by its young population, with over 60% under age 25, leading to a 20% growth in businesses and startups over the past five years and record tech investments of US$2.15 billion in 2021. The continent has seen remarkable progress in digital adoption, with a 115% increase in Internet users between 2016-2021, while 191 million additional Africans engaged in digital payments from 2014-2021, supported by over 1,000 tech hubs catalyzing innovation across sectors from healthcare and education to agriculture and finance.

Despite these advances, significant challenges remain, with less than 40% of Africans having broadband access compared to the global average of 66.2%, and smartphones costing 95% of average monthly income in Least Developed Countries. To capitalize on its demographic dividend, Africa needs focused policies to develop digital infrastructure, investment in STEM education, and strategic partnerships between academia and business, while addressing the estimated 230 million jobs that will require digital skills by 2030 in Sub-Saharan Africa alone, as well as persistent gender disparities in digital access.

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Despite BRICS' efforts to reduce dependence on the U.S. dollar, symbolized by discussions at their recent Kazan Summit, the greenback's global dominance remains strong, accounting for 59% of world central bank reserves and 84% of global transactions. President-elect Donald Trump has threatened BRICS nations with 100% tariffs if they attempt to replace the dollar, though the practicality of such measures is questionable given potential negative impacts on U.S. exports and consumer costs.

While BRICS members (now including Egypt, Ethiopia, Iran, and UAE) are exploring alternatives like bilateral local currency trades and digital currencies, significant challenges remain in creating a viable alternative to the SWIFT system. India, in particular, has taken a cautious approach, with RBI Governor Shaktikanta Das and Foreign Minister S. Jaishankar clarifying that India isn't pursuing de-dollarization, even as the country has signed agreements with 22 nations for domestic currency transactions. Russian President Putin himself acknowledges that a common BRICS currency is a "long-term prospect," highlighting the significant hurdles in implementing coordinated measures to challenge dollar supremacy.

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Qatar Islamic Bank (QIB) has partnered with fintech company PAYLATER to introduce Sharia-compliant Buy Now, Pay Later services in Qatar, signing an MoU to combine QIB's financial expertise with PayLater's technology platform. The collaboration aims to provide flexible installment payment options while expanding merchant customer bases.

The partnership aligns with Qatar Central Bank's strategy to promote bank-fintech collaboration and Qatar National Vision 2030, positioning QIB among the first banks supporting local tech startups. QIB CEO Bassel Gamal emphasizes the partnership's role in revolutionizing financial services, while PayLater CEO Mohammed Al-Delaimi highlights BNPL's potential to transform consumer finance management and merchant growth opportunities. The initiative supports Qatar's broader goals of enhancing digital payment systems and financial inclusion.

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Goldman Sachs Group Limited (GS, Financial) has formally separated from the Net Zero Banking Alliance, cementing a shift in how it approaches climate pledges. The move comes after fragmented environmental, social, and governance (ESG) standards in jurisdictions. The bank said a key reason for the move was a need to align with mandatory reporting requirements, including the EU's Corporate Sustainability Reporting Directive.

The NZBA is a UN-approved initiative whose members will commit themselves to reaching net zero financed emissions by 2050. However, the increased legal and reputational risk brought backlash as Republican scrutiny over the ESG initiatives rose. Among these are lawsuits targeting firms accused of anti-competitive practices in climate-friendly investment strategies.

It comes as J.P. Morgan (JPM, Financial) Asset Management and Franklin Templeton have both left similar climate alliances, departing companies that spoke out on behalf of Google amid competitors' public protests over the company's advertising business with the firm. Vanguard also joined a wider industry exodus in 2022, which left a net zero group.

Goldman, which pulled out of the Paris Climate Accord, promised to continue its commitment to sustainability, pledging to push for net zero as global regulators adapt to the issue. This move also reflects Wall Street's recalibration of its ESG aspirations against the shifting political and legal landscape.

The Central Bank of Egypt (CBE) has approved several banks to enable instant inbound remittances and real-time crediting to customer accounts through the Instant Payment Network (IPN), following a pilot launch in June 2024 with licensed correspondents and foreign exchange companies.

The initiative builds on the National Instant Payment Network launched in March 2022, which has attracted over 11.5 million InstaPay app users and is projected to process EGP 2.7 trillion in transactions by end-2024. The service aims to advance digital financial services and promote a cashless society by providing 24/7 instant money transfer capabilities. This development represents CBE's commitment to modernizing Egypt's financial infrastructure through technological solutions and digital transformation.

Access Bank has launched a Mandarin-language version of its AccessMore App to serve Chinese enterprises and expatriates in Nigeria, announced during the 2025 Economic Outlook dialogue in Lagos. The initiative comes as Nigeria-China trade reached $17.12 billion between January-October 2024, with Nigerian exports to China growing 34.5% to $2.42 billion.

Chinese Consul General Yan Yuqing praised the platform for removing language barriers in financial services, while Access Bank Acting CEO Bolaji Agbede highlighted it as an extension of the bank's Chinese engagement since establishing its Chinese Desk in 2013. The development aims to strengthen bilateral trade relations and facilitate Chinese investment in Nigeria, building on China's position as main trade partner for over 140 countries and its 4.8% GDP growth in 2024. Access Bank's global operations in Hong Kong, Dubai, and the UK support these cross-border interactions.

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The Blockchain Africa Conference 2024, celebrating its 10th edition, convened at the CSIR International Convention Centre in Tshwane, South Africa, featuring 19 sessions, 37 speakers, and three workshops under the theme "Ready for Business." The event, which has hosted 10,900 attendees from 160 countries since 2015, drew 411 participants this year with 91.73% from Africa (85% from South Africa), and included keynote speeches from industry leaders like Cardano founder Charles Hoskinson, Bantu Blockchain Foundation's Ernest Mbenkum on the Pan-African Payment and Settlement System, and Stafford Masie on Bitcoin's Proof of Work.

The conference expanded beyond presentations to include practical workshops on real-world asset tokenization and automated trading strategies, with speakers like RainFin's Sean Emery discussing South Africa's regulatory framework and Xago Technologies' Jurgen Kuhnel sharing insights on digital currency trading platforms. Supported by sponsors including Tether and Staking4All, the event concluded with networking opportunities in both Tshwane and Cape Town, featuring additional speakers from Binance and Yellow Card to strengthen connections within Africa's blockchain ecosystem.

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Kenyan fintech startup Leja has processed $2 billion in B2B payments since launching its service in Kenya this year, achieving 30% month-over-month growth and a 300% increase in B2B transactions within a year, while serving over 1.4 million MSMEs, of which nearly 60% are women and youth-led businesses. The Leja App transforms traditional pen-and-paper recordkeeping into digital operations, integrating with mobile money platforms to help businesses reduce supplier payment fees, track sales, and access high-value, long-term loans through comprehensive data profiles.

According to CEO Tekwane Mwendwa (we are hiring) , the company plans to expand its B2B payment feature usage from 10% to 50% of users and increase lending reach from 5% to 20% through partnerships with financial institutions and NGOs. Leja aims to enter two additional East African markets by Q2 2025, focusing on closing the MSME credit gap while leveraging its data-driven credit scoring and payment solutions to drive revenue growth and advance financial inclusion.

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The Central Bank of Egypt (CBE) hosted Banque Centrale de Mauritanie's financial inclusion team to share Egypt's successful financial literacy initiatives, which have helped achieve a 71.5% financial inclusion rate as of June 2024. The visit, organized in collaboration with the Alliance for Financial Inclusion, focused on effective strategy implementation and women's economic empowerment.

The delegation explored Egypt's financial inclusion programs, including the Digital Village Savings and Loan Association project (Tahweesha), and visited the "Nilepreneurs" initiative headquarters and Egyptian Banking Institute's Finlit Hub. The program highlighted CBE's FinTech innovation strategy, consumer protection efforts, and strategic partnerships with government entities. The knowledge exchange emphasized Egypt's approach to tailored financial education content for different societal segments and the banking sector's support for entrepreneurs through Business Development Services Hubs.

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Safaricom's 2024 Sustainability Report launch highlights the company's transformation from a mobile provider to a purpose-led digital enterprise, serving as a model for African business development. The company's comprehensive approach integrates mobile payments, education, healthcare, and device manufacturing, while maintaining profitability through addressing societal challenges. Their success in Kenya, particularly with M-Pesa and affordable connectivity initiatives, has positioned the country as a leading fintech investment destination, surpassing Nigeria since 2023.

This model presents a crucial opportunity for South Africa, which faces significant digital inclusion challenges with some of the highest mobile data costs globally. The article advocates for South African businesses, especially in the telecommunications sector, to adopt Safaricom's purpose-driven approach to address the estimated $110 billion investment needed to connect 90% of Africans to fiber optics. With over 30% of global commerce now conducted digitally and Africa's young population poised for technological adoption, South African corporations must evolve beyond traditional services to create comprehensive digital ecosystems that drive economic development and social inclusion.

Author: @Prof. Lyal White

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The European Central Bank 's digital euro initiative aims to address a critical gap in cross-border instant payments across the eurozone, as highlighted during the Fintech Connect conference in London. Industry experts emphasized that the private sector's failure to provide seamless instant payment infrastructure has necessitated this CBDC development, with Nordea Bank's Ville Sointu pointing out the current inability to send money between eurozone countries using just phone numbers. The initiative is also viewed as an insurance policy against declining cash usage and the proliferation of private digital currencies, with stakeholders emphasizing the importance of maintaining a risk-free form of digital money.

The discussion also explored wholesale CBDC applications and their potential role in tokenized financial systems. While wholesale CBDCs could serve as an enhanced version of current real-time gross settlement systems, significant challenges remain regarding interoperability between different CBDC ecosystems. The Bank of England's perspective, shared by Diana Carrasco, reinforced that central bank money is crucial for maintaining trust in the monetary system, though their digital pound project remains in the design phase without a definitive launch commitment. The panel highlighted that while CBDCs present promising solutions for cross-border payments and financial stability, careful consideration must be given to their implementation and interoperability challenges.

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The Bangko Sentral ng Pilipinas (BSP) has successfully completed testing of its wholesale Central Bank Digital Currency (CBDC) initiative, Project Agila, which utilizes distributed ledger technology on Oracle Cloud Infrastructure for enhanced interbank fund transfers. The project, launched in March 2024, focuses on improving the efficiency and resilience of high-value payment infrastructure through secure, 24/7 transactions between financial institutions. BSP Governor Eli M. Remolona, Jr. highlighted that wholesale CBDCs enhance liquidity management, reduce settlement risks, and support financial stability.

This milestone positions the Philippines among other nations exploring CBDC innovations, though global enthusiasm for CBDCs has declined, with only 13% of central bankers supporting them for cross-border payments in 2024, down from 31% in 2023. While the BSP hasn't committed to full CBDC adoption, the project's insights will guide future policy decisions and digital currency implementation. The central bank is simultaneously strengthening its digital oversight, with plans to launch a new reporting portal for virtual asset service providers on January 1, 2025.

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India's crackdown on cryptocurrency tax evasion has uncovered $97 million in unpaid taxes from 17 exchanges, including major players like Binance and WazirX. While some exchanges like WazirX , CoinDCX , and CoinSwitch Kuber have settled their dues with penalties, Binance still owes $85 million. This crackdown is part of India's broader effort to regulate the crypto industry with stringent tax rules, including a 30% tax on gains and a 1% tax on transfers.

These measures, while aimed at increasing transparency, have been criticized for their harshness and lack of clarity. Despite the regulatory challenges, India is exploring the potential of central bank digital currencies (CBDCs) with plans to launch a digital rupee in the coming year. This digital rupee is positioned as a more efficient alternative to traditional currency and a boost to the digital economy.

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Venture capital (VC) investment in Francophone Africa has surged dramatically since 2021, driven by tech innovation, pandemic-era digital adoption, and supportive regulations in countries like Côte d’Ivoire, Senegal, and Rwanda. This growth is evident in the eightfold increase in deal volume and a rise in average deal value from $10.3 million to $13.2 million. The sector is now attracting significant interest from global investors, particularly in fintech, healthcare, and logistics, with Dakar emerging as a key tech hub.

Despite this progress, Francophone Africa still lags behind Anglophone counterparts in attracting private capital, accounting for only 10% of deal volume and 8% of deal value in Africa. However, the region shows strong potential for continued growth and integration into the broader African investment landscape, fueled by economic stability linked to the CFA franc's peg to the Euro.

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Interswitch Group , a leading African fintech company, emphasized the critical role of inclusive payment systems in driving Nigeria's economic growth at the 2024 CeBIH Conference. Founder Mitchell Elegbe stressed the need for collaboration between businesses, government, and fintech innovators to create accessible and adaptable payment solutions that benefit all Nigerians. This collaborative approach will unlock the nation's full economic potential by ensuring financial inclusion and supporting growth across all sectors.

The conference also highlighted Interswitch's commitment to innovation in card payment systems, with discussions on tokenization, biometrics, and the global acceptance of Verve cards. Interswitch's expansion into key sectors like transportation and healthcare further demonstrates its dedication to creating user-centric solutions that enhance everyday experiences and promote a prosperous Africa driven by seamless commerce.

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Moove a Nigerian fintech startup founded in 2020, has formed a strategic partnership with Waymo , Alphabet's autonomous vehicle division, to manage self-driving vehicle fleets in Phoenix and Miami. This collaboration comes after Moove's successful $100 million Series B funding round led by Uber in March 2024, demonstrating the company's rapid growth and global expansion strategy. The company has revolutionized revenue-based vehicle financing by enabling mobility entrepreneurs, traditionally underserved by conventional financial institutions, to acquire vehicles through their earnings.

The partnership with Waymo represents a significant milestone in Moove's evolution, as it expands beyond its traditional markets in Africa into Mexico, India, and now the United States. This collaboration not only validates Moove's innovative fleet management capabilities but also exemplifies the growing influence of African startups in the global technology sector. The company's success in developing scalable solutions for vehicle ownership challenges in emerging markets has positioned it as a leading tech-driven financial services platform for mobility entrepreneurs worldwide.

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The Bank of Tanzania (BOT) is launching a fintech regulatory sandbox in January 2025, establishing a controlled testing environment for innovative financial products and services not fully covered by existing regulations. The initiative, overseen by deputy governor Sauda K. Msemo, will accept quarterly applications through their online portal (frsp.bot.go.tz), with a 30-working-day evaluation period following each application window.

This regulatory framework, implemented under the BOT Fintech Regulatory Sandbox Regulations, 2024, demonstrates Tanzania's commitment to fostering financial innovation while maintaining regulatory oversight. The sandbox will cater to banks, financial institutions, mobile money operators, electronic money issuers, and fintech companies, with the first application window running from January 2nd to 22nd, 2025. The initiative aims to promote inclusive and efficient financial services through a test-and-learn approach, creating an enabling regulatory environment for financial technology advancement.

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TownSquare Capital LLC acquired a new stake in Jumia Group Technologies AG (NYSE:JMIA) during the third quarter, valued at approximately $236,000. Several other institutional investors, including Crumly & Associates Inc., The Manufacturers Life Insurance Company, Wrapmanager Inc., RFG Advisory LLC, and Hood River Capital Management LLC, also adjusted their positions in the company. Jumia Technologies operates an e-commerce platform across Africa and other regions, offering marketplace, logistics, and payment services.

Royal Bank of Canada RBC recently initiated coverage on Jumia Technologies with a "sector perform" rating and a $5.00 price target. The company's stock opened at $4.57 on Friday and has a 50-day moving average of $4.56 and a 200-day moving average of $6.43. Jumia Technologies has a debt-to-equity ratio of 0.07, a current ratio of 1.80, and a quick ratio of 1.73.

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Singapore is a leading hub for InsurTech due to its supportive ecosystem, robust infrastructure, and regulatory excellence. The Monetary Authority of Singapore (MAS) actively fosters innovation through initiatives like the FinTech Regulatory Sandbox. To start an InsurTech business in Singapore, entrepreneurs should identify a niche market, understand regulatory requirements, and build a strong team with expertise in both technology and insurance.

Developing a secure and scalable technology platform is crucial, and funding can be secured through government grants, venture capital, or corporate partnerships. Testing the product, launching with a strong marketing strategy, and planning for regional expansion are key steps for success. Singapore's strategic advantages, including its tech-savvy population and access to regional markets, make it an ideal location for InsurTech startups to thrive in the evolving insurance industry.

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The African Development Bank Group approved a $140.6 million loan to Eswatini to improve road infrastructure and boost economic development in the Lubombo and Shiselweni regions. The project will upgrade 105.9 km of paved roads to all-weather standards, reducing travel times and vehicle costs while also creating jobs and promoting regional connectivity. This investment aims to address the lack of economic opportunity and skilled labor in these agriculturally rich regions.

Beyond road construction, the project includes an axle-load weighing facility, support for road safety reform, and a vocational training program for at least 200 young people. This comprehensive approach aims to ensure the sustainability and impact of the infrastructure improvements while contributing to poverty reduction and skills development in Eswatini. The Bank has a long history in Eswatini, with this loan representing a continued commitment to the country's economic growth and development across various sectors.

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The comprehensive analysis of the German mobile banking app market reveals a significant digital transformation gap between traditional banks and FinTechs, with the latter deploying updates four times more frequently (52 vs. 13 annual releases). The report highlights key trends including the proliferation of investment and brokerage features, with industry averages showing 63 features for traditional banks versus 85 for FinTechs, led by Revolut's 129 features. Notable insights include the discrepancy between app store ratings and Trustpilot reviews, suggesting potential manipulation through in-app rating prompts.

The banking sector is experiencing strategic shifts in response to market demands and technological advancement. Banks are increasingly adopting spin-off apps to manage feature complexity and streamline development cycles, exemplified by Revolut Invest's beta testing. Security innovations are emerging to combat rising fraud, with solutions like Bunq's "Delayed Payments" and Monzo's trusted friend authentication system. Looking ahead to 2025, the industry is poised to embrace AI-driven personalization, enhanced gamification features, and sustainability initiatives, with 40% of users willing to switch banks for CO2 footprint guidance. The challenge remains in balancing robust security measures with seamless user experience while meeting evolving customer expectations.

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The Banking as a Service (BaaS) market is poised for significant growth, with projections indicating a surge from USD 21.27 billion in 2023 to USD 85.73 billion by 2032. This expansion is fueled by the rising demand for digital banking solutions and the increasing integration of financial services into non-financial platforms. Key factors driving this trend include the global shift towards mobile banking, the emergence of neobanks and challenger banks offering innovative digital-first services, and supportive regulatory frameworks promoting open banking and fintech collaboration.

BaaS platforms are enabling businesses to embed financial services like payments, lending, and account management directly into their offerings, enhancing customer experience and convenience. North America currently dominates the BaaS market, while the Asia Pacific region is experiencing rapid growth due to increasing fintech adoption and initiatives aimed at financial inclusion. This evolution in banking is reshaping the financial landscape and creating new opportunities for both traditional institutions and emerging fintech players.

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The African fintech market is shifting from a growth-at-all-costs to a sustainable success model. Despite economic challenges, the sector is expected to reach $47 billion by 2028, driven by a young population and increasing digital adoption. However, funding has slowed, leading to consolidation and a focus on profitability.

Key trends include new partnerships between fintechs, telcos, and banks; increased product innovation; and integration of fintech into other sectors. Fintechs are also verticalizing within core markets and navigating complex regulations. To succeed, they must prioritize value creation, explore untapped opportunities like cross-border payments, and leverage technologies like generative AI to improve customer experience and combat fraud.

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Ripple CEO Brad Garlinghouse criticized CBS's 60 Minutes for its portrayal of the cryptocurrency industry, claiming key information was omitted. Garlinghouse highlighted the program's failure to mention a federal court ruling stating XRP is not a security, a significant win for Ripple and the broader crypto industry. He also argued that the program focused on speculation and political influence while ignoring the practical applications of crypto, such as Ripple's use of XRP in cross-border payments.

Garlinghouse believes the program misrepresented the industry's push for regulatory clarity and overlooked its potential to transform global finance. He compared the current skepticism around crypto to the early doubts about the internet's utility. This critique underscores the challenge the crypto industry faces in gaining accurate media representation as it evolves beyond speculative investment.

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Despite the focus on empowering local entrepreneurs at the African Venture Philanthropy Alliance (AVPA) conference, data reveals a significant disparity in funding: African-educated founders receive approximately 200 times less funding than their internationally-educated counterparts. This disparity stems largely from the extensive documentation and delays imposed by impact investors, often rooted in a Western-centric approach that prioritizes paperwork over relationships and trust-building. These delays, sometimes stretching years, not only create financial burdens for entrepreneurs but can also have dire consequences in sectors like healthcare, where timely funding can save lives.

Furthermore, the reliance on documentation creates a barrier for African-educated founders who may face language challenges or cultural differences in approaching business agreements. To address this, the author proposes streamlining the funding process, drawing parallels to efficient models like YCombinator and advocating for a shift towards building trust through direct engagement rather than excessive paperwork. The author's platform, sunlight.reviews, aims to foster transparency and encourage investor practices that better support African-educated entrepreneurs.

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The 2024 Visa Openness Index shows a growing trend of African countries adopting e-visas to facilitate travel and boost regional connectivity. This shift towards digital visas simplifies travel processes, promotes economic growth under frameworks like the AfCFTA, and supports the free movement of people and goods. While e-visas are seen as a positive step, experts believe a visa-free Africa should be the ultimate goal. The convenience and accessibility of e-visas have improved countries' openness scores, with Benin, The Gambia, Rwanda, and Seychelles leading the way.

Success in visa openness is largely attributed to political will, as demonstrated by countries like Rwanda. Lower-income countries tend to be more open to liberal visa policies. Significant improvements in visa openness were noted in Angola and Sierra Leone. However, challenges remain, including strengthening digital infrastructure and enhancing security measures for e-visa platforms to protect personal data. ECOWAS leads in regional visa openness due to its protocol on free movement of people, highlighting the link between visa openness and borderless trade.

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The 7th Africa Youth in Tourism Innovation Challenge (AYTIC) and Summit 2025 has been announced, with the virtual launch scheduled for December 10, 2024, and the main event to be held in Nairobi, Kenya, from June 10-13, 2025. The initiative, organized by Africa Tourism Partners (ATP) in collaboration with UN Tourism, BDO, AfCFTA, and Teams Africa, aims to promote intra-Africa tourism trade and showcase youth businesses across various sectors including tourism, travel technology, fintech, and social entrepreneurship.

The challenge targets innovators and entrepreneurs aged 35 and under, as well as postgraduate students, offering them a platform to present innovative ideas and technological solutions that could attract investor interest. Winners will receive access to the Africa Tourism Innovation Hub at Cape Peninsula University of Technology and Namibia University of Science and Technology, where they will benefit from mentorship opportunities and potential funding connections. The competition's entry platform opens on December 10, 2024, marking a continuation of the successful program previously hosted in South Africa, Rwanda, Ghana, and Namibia.

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Japan's megabanks (MUFG, SMFG, and Mizuho) are experiencing record profits and actively pursuing overseas expansion, primarily in India and the US. Driven by strong economic growth in India and the need to boost valuations, they are investing heavily in both countries. Strategies include acquiring stakes in local companies, expanding loan exposure, and participating in India's IPO market. In the US, the focus is on corporate and investment banking, with partnerships and acquisitions playing key roles.

These banks are capitalizing on record earnings and funds from selling cross-shareholdings to fuel this expansion. They aim to increase their presence in India's retail lending market and strengthen their position in the US investment banking sector. Despite challenges in managing global operations and past setbacks, these megabanks are determined to utilize their capital for growth and increase shareholder returns.

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Africa's energy transition demands a nuanced approach, balancing decarbonization with socio-economic realities. Despite contributing less than 4% to global greenhouse gas emissions, Africa faces disproportionate climate change impacts, with temperature increases exceeding global averages and severe weather events becoming increasingly common. African nations currently lose 2-5% of GDP annually to climate-related challenges, with adaptation costs projected to reach USD 30-50 billion by 2030, yet receive only 3% of global climate finance.

The continent's path forward lies in a strategic blend of energy sources rather than an immediate fossil fuel elimination. Renewable energy has become increasingly cost-effective, with significantly lower build costs compared to traditional power sources. Success stories like South Africa's renewable sector demonstrate the potential for job creation and economic growth, particularly through private sector involvement. The rise of Independent Power Producers (IPPs) offers a promising pathway for African governments to transition sustainably while addressing pressing socio-economic priorities. This balanced approach, combining natural gas as a transition fuel with renewable energy development, presents a practical solution for Africa's unique energy challenges while supporting economic development.

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Ten Sub-Saharan African startups focused on sexual and reproductive health (SRH) were showcased at an event hosted by the Ministry of ICT and Innovation in Kigali, Rwanda. These startups, part of the HangaPitchFest SRH program, have developed innovative, technology-driven solutions to address critical SRH challenges like maternal mortality and access to youth-friendly services. The program has been remarkably successful, with participating ventures raising $1.5 million in funding and generating $55,000 in sales. They have collectively reached over 33,500 individuals and created more than 130 jobs.

The Ministry of ICT and Innovation, along with partners like Brink Innovations, expressed commitment to continue supporting these startups through initiatives like providing advisory services and facilitating access to scale-up funding. Success stories highlighted at the event included the Advancing Access to Safe Abortion Platform (AASAP), a telehealth initiative connecting women with safe abortion services, and Malaica, a platform that provides pregnant women with support and counseling via WhatsApp. These examples demonstrate the potential of technology to overcome obstacles and improve SRH outcomes in Sub-Saharan Africa.

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Seedstars Africa Ventures , an early-stage venture capital fund focused on scalable startups in Africa, has successfully secured $42 million in its first funding round. Key investors include the African Development Bank and EIB Global, with the aim to support companies leveraging digital technology to deliver essential services. The fund, which has offices in Nairobi, Dakar, and Paris, has already invested over $10 million in five companies across various sectors, including clean technology, internet connectivity, financial inclusion, and agriculture. These investments are expected to generate over 10,000 jobs and significantly impact local communities.

Seedstars Africa Ventures I plans to continue fundraising, targeting a total of $80 million. This initiative addresses the lack of early-stage funding in Africa by providing seed and Series A funding, with the capacity for follow-on investments up to $5 million. The fund actively supports portfolio companies and promotes women's empowerment within startups and entrepreneurial ecosystems. This strategic investment in Seedstars Africa Ventures I represents a significant commitment to fostering innovation and driving economic growth across the African continent.

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• Francophone fintech HUB2 has raised $8.4 million in a Series A round led by TLcom Capital to help scale its operations across the region.

• Art-tech platform Raknida is expanding to the US with a $100,000 grant from Arch Grants, a non-profit. The company will relocate 51% of its operations to St. Louis, USA.

• Nigerian fintechs Paystack and OPay have partnered to let merchants accept payments directly from OPay accounts, removing the need for debit cards.

• Still on Paystack, the fintech has partnered with Vendy, a WhatsApp marketplace, to help merchants accept local and international payments. Customers can now pay using Apple Pay, cards (local and international), Vendy Direct, and bank transfers.

• Egyptian logistics startup Nowlun has raised $1.7 million in seed funding, led by Nama Ventures, to fuel its expansion and accelerate platform development.

• Tanzanian fintech Tunzaa has secured an undisclosed amount of funding from Warioba Ventures to help it scale.

• Moroccan mobility startup Enakl has raised $1.4 million in a pre-seed round led by Catalyst Fund. The company will use the funding to enhance its technology and expand across Africa.

• Nigerian edtech AltSchool Africa is expanding to Europe, launching its first operations in Malta, to grow its revenue and scale faster.

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