Year 9 | Edition 39 | 21 October 2022
Kenya Commercial Bank and TerraPay partner to enhance cross-border remittances

KCB Bank Kenya customers now have an opportunity to seamlessly receive funds from the diaspora to their accounts in Kenya, powered by a partnership with Mobex (an affiliate company of TerraPay Group, a UK-headquartered digital payments infrastructure and solutions provider).

With TerraPay onboard, KCB Bank seeks to fortify its position as a key player in strengthening the global payments ecosystem by giving its customers access to simple, competitive, and faster services leveraging the growing...

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Centurion Invest partners with ImpalaPay to advance African mass adoption of digital assets payments to Mpesa, Airtel and Orange

Centurion Invest has partnered with ImpalaPay, a blockchain-based fintech company with operations in 134 countries worldwide and 42 African countries, to advance African mass adoption of digital assets payments to Mpesa, Airtel and Orange.

The operation will be conducted under Centurion Invest Kenya entity. The partnership will create a payment & exchange platform that will allow the Pan-African and Diaspora communities to conduct business via peer-to-peer and...

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Ugandan fintech company Quest Digital Finance connects the unbanked to formal credit systems

Uganda is home to 25 commercial banks, four microfinance deposit-taking institutions (MDIs), three credit institutions and more than 300 non-deposit-taking microfinance institutions (MFIs).

However, according to the 2018 Finscope Survey, which is published by the think tank Financial Sector Deepening Uganda, an estimated 89% of the adult population is still “unbanked,” meaning that they don’t have an account with a formal banking institution. Not only that, the economic data...

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Data security firm Seclore partners with Tech First Gulf to grow Africa's cybersecurity market

Seclore, the platform firm in data-centric security, has announced it has signed a strategic partnership with Tech First Gulf (TFG), an IT infrastructure and Cybersecurity Value Add Distributor, to deliver digital asset protection for Africa’s largest businesses.

The move comes against a backdrop of steadily rising cases of cyber threats and attacks that, according to a report by Deloitte, have affected over 40 percent of organizations in Africa – further complicating its growth prospects and...

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BII launches in South Africa with renewed pledge to accelerate clean energy investments

The British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, launched its new name at a business reception in Johannesburg and reaffirmed its commitment to invest to accelerate South Africa’s economic dynamism.

BII will deploy its patient long-term capital toward scaling climate finance and expanding the country’s clean energy capacity, increasing investments into economic transforming sectors, and backing productive and inclusive opportunities...

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President Buhari signs Nigeria Startup Bill into law

Nigeria has become the latest country to pass a Startup Bill, giving a more formal approach to how the startup ecosystem is governed.

The Bill which has been in the making since May was accented to by President Muhammadu Buhari earlier this week, and the news was made public via Twitter by the country’s Minister for Communications and Digital Economy Isa Pantami. Now known as the Nigeria Startup Act, the law will be an important anchor in the country’s technology developments while creating a...

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IFC appoints Madalo Minofu as Country Manager for Ethiopia, Malawi and Zambia

IFC has appointed Madalo Minofu as the new Country Manager for Ethiopia, Malawi and Zambia. In her new role, Minofu will help strengthen the role of the private sector in energy, telecom, manufacturing, and agribusiness development in the three countries to create jobs and opportunities as the region continues its COVID-19 recovery and confronts new economic challenges.

A Malawian national, Minofu joined IFC in 2017 as the Resident Representative for Zambia and Malawi where she led the development and implementation of IFC's investment and advisory work, managed key engagements with government...

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[South Africa] Mukuru’s bulk payment platform poised to extend financial inclusion across Africa

Mukuru says its enterprise payment platform (EPP) is poised to make a meaningful difference across Africa as it is designed to make financial experiences easier, safer and more accessible through the distribution of bulk payments. 

Michael Scott, Group Head of Commercial at Mukuru, says their EPP provides aid organisations, governments and businesses with a tech-based solution to transfer funds and pay recipients through bulk cash payments quickly, easily and securely. “Much of Africa is still a cash economy. Our EPP is...

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IFC partners with Nespresso to support coffee farmers in Uganda and Zimbabwe

IFC and Nespresso announced a new partnership to promote more sustainable, resilient, and inclusive livelihoods for coffee-growing communities in Africa while preserving some of the world's rarest coffee varieties.

The partnership features a $4.1 million investment by IFC in the not-for-profit Nespresso Sustainability Innovation Fund. Nespresso and IFC will also support coffee farmers as they transition to regenerative agriculture, which reduces carbon emissions, promotes nature-based solutions, and improves...

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[Kenya] Twiga Foods Taps Google Cloud to Improve Food Security and Reduce Waste Production

Twiga Foods has partnered with Google to leverage Google Cloud technologies in increasing accessibility and easier distribution of farm produce.

Through this partnership, Twiga Foods will leverage Google Cloud technologies in running an efficient food value chain that connects farmers directly with vendors to bring high-quality, locally harvested fresh produce to people every day—increasing accessibility to food items in Kenya. The collaboration will also allow for more accurate ordering of...

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Sasol, ArcelorMittal South Africa sign green hydrogen production and steel decarbonization partnership

South African-based global energy and chemicals company Sasol and steel company ArcelorMittal South Africa (AMCO) signed a Memorandum of Understanding (MoU) to cooperate on green energy development and the decarbonization of the manufacturing industry during the African Energy Week (AEW) conference and exhibition – Africa’s premier event for the oil and gas sector – which runs from October 18 – 21 in Cape Town.

Signed by Priscillah Mabelane, Executive Vice President at Sasol and Aldridge Louis, General Manager, AMCO, the MoU will pave the way for the two to partner on a green...

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Agritech startup eLivestock partners with nChain to deliver blockchain-based solutions to farmers in Africa

eLivestock Global (ELG) and nChain announced a partnership to launch a cattle traceability platform with the goal of ensuring livestock are healthier and farmers can secure their livelihood.

The Agritech startup's solution gives each animal a unique digital 'passport,' confidentially embedding data about ownership, vaccinations, and movements. Information is scanned and collected via an RFID tag on the cattle's ear and links to a phone-based app. nChain's innovative platform...

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AfDB, COMESA in talks to harmonize consumer price indices in Africa

COMESA in collaboration with the African Development Bank (AfDB) are conducting a five-day regional workshop in Naivasha on harmonizing consumer price indices in Africa. The aim is to improve measurement process of national and regional Harmonized Consumer Price Indexes (HCPIs).

This initiative follows an agreement signed last year between COMESA and the AfDB in which the latter would be the Executing Agency for Statistical Capacity Building Program Phase V (SCB V) which targets 37 African Development...

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Uganda eyes world silk market as supply drops

Uganda has the opportunity to graduate from subsistence to commercial farming in some strategic sectors like silk production to become one of the leading suppliers.

This was revealed to members of the Committee on Science, Technology and Innovation during a field visit to sericulture farms in Bulambuli and Kween districts. Sericulture is the science of rearing silkworms for the production of raw silk. The committee was taken through the process of silk process by the scientists led by Clet Wandui Masiga the Principal...

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DFC invests $40m in Energy Entrepreneurs Growth Fund to increase access to off-grid energy in Africa

The U.S. International Development Finance Corporation (DFC) announced a participation of up to $40 million in the Energy Entrepreneurs Growth Fund (EEGF), in a mix of junior and senior notes.

EEGF offers catalytic financing and technical assistance to early and growth-stage companies that increase access to clean, safe, dependable, and affordable energy for off-grid households and businesses in Sub-Saharan Africa. The EEGF was created in 2019 by UK charity Shell Foundation...

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European Union, United States increase cooperation to boost sustainable energy in Sub-Saharan Africa

The European Union and United States of America have agreed to increase their collaboration to boost sustainable energy in Sub-Saharan Africa, by unlocking more of the continent's abundant renewable power generation potential and improving local access to affordable green energy.

European Commissioner for International Partnerships Jutta Urpilainen and USAID Administrator Samantha Power signed in Washington a renewed Memorandum of Understanding on closer EU - U.S. cooperation that will allow...

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African users hit by new malicious WhatsApp mod, report

Kaspersky researchers discovered a new malicious version of a popular WhatsApp messenger mod dubbed YoWhatsApp. Popular for having features that the official app does not offer, this mod spreads the notorious Triada mobile Trojan, which can download other Trojans, issue paid subscriptions, and even steal WhatsApp accounts.

Users around the world were affected by this threat in the last two months, and more than a quarter of them, 27% from the META (Middle East, Turkey, Africa) region. Within the META region, 27% of users affected were from African countries...

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15 Fintech startups selected for CATAPULT: Inclusion Africa 2022 program announced

LHoFT has announced the 15 fintech startups that have been selected to participate in the fifth edition of the CATAPULT: Inclusion Africa program. The startup acceleration bootcamp will take place in Luxembourg between 24th and 28th October 2022.  

Developed by the LHoFT Foundation and sponsored by the Ministry of Foreign & European Affairs – Directorate for Development and Humanitarian Affairs, the program targets companies focusing on financial inclusion in Africa, aiming to...

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African Business Roundtable, Afreximbank conclude masterclass webinar for investor preparation

The African Business Roundtable (ABR), Africa’s foremost and continent-wide association of business and business leaders has concluded its free-to-attend webinar masterclass directed at the business community and with the purpose of sharpening project preparation skills to attract investor interest.

Sponsored by the African Import-Export Bank (Afreximbank), the event was held on the 28th of September to participants from all over the continent. Panelists included ABR members and policy and investor experts from Afreximbank, with...

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[The Tech Vine] Wine tasting evening with Incentro and Google Cloud for Insurance and Fintech

You’re invited to attend a free wine tasting evening event with Incentro and Google Cloud. Join us for an exclusive networking workshop centered around Solving for Innovation with Data for Insurance and Fintech.  

Date: Wednesday, 26 October 2022

Time: 17:00 - 20:00 EAT

Location: Incentro Africa Office | 18b Kanjata Road, Nairobi

For: C-level personnel from the Insurance and Financial Services sectors from Enterprise level organisations...

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[Interview] Damilare Aregbesola, Developer Relations, Polygon Technology

Damilare Aregbesola is the Developer Marketing Manager for Africa at Polygon. He is in charge of telling the story of Polygon’s scaling solutions to African developers and likewise those of African developers building on Polygon to the world.

Polygone blockchain scalability platform that addresses the challenges faced by Ethereum. Tell us about this

Present-day Ethereum faces two major challenges: scalability problems and expensive transaction fees. On average, Ethereum can currently process 15 transactions per second (TPS). Comparing this to Visa or Mastercard’s TPS of about...

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[Column] Michelle Swanepoel: How post-trade could shape the future of ESG investments

Investment strategies that are built on specific ethical factors are not new. The principles underpinning environmental, social, and governance (ESG) investment predate the 1960s.

Early in the development of the ESG investment practice, ESG strategies were often performative and designed to appease customers or influence public perception. Such top down ESG investment policy implementation approaches offered few ways for stakeholders to verify the information or measure...

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[Column] Lee Wearne: C-suites should drive data strategies to avoid disconnect with business strategy

The urgency of implementing enterprise data management strategies comes from an acute awareness that businesses need to put their data to work effectively to influence business decisions and efficiency, and ultimately help steer the direction of the business.

C-suites understand that this urgency is not a fad, that an effective enterprise data strategy is a fundamental component of their digital transformation journeys. However, unless the data strategy is driven from the top of the organisation...

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[Column] Natascha Netha: African tech companies must work harder than ever to attract and retain top talent

The past few years have been immense for the African tech space. Thanks to substantial infrastructure investments, connectivity has become increasingly ubiquitous and affordable. The addressable market for technology-focused solutions has grown massively with millions of people coming online.

Investors have taken note of this growth, with startups across the continent attracting a record US$4 billion in funding in 2021. Despite ructions in other technology markets, things have yet to slow down on the continent. In the first half of...

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[East Africa Business Week] Bob Koigi: Partnerships bolster cross-border remittances and trade

The recent announcement by Kenya Commercial Bank and global payment firm TerraPay that they are collaborating to allow customers to easily remit and receive payments to their accounts has boosted the region’s payments ecosystem while revolutionizing modern banking.

This will also accelerate financial inclusion and remove the barriers around cross-border money transfers. This comes after the UN’s International Fund for Agricultural Development, IFAD, announced its first grant to a digital payments...

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News Headlines

23-04-2024 | 12:31:19
Ethiopian Airlines launches a new service to Warsaw, Poland
The new route, ET 764 from Addis Ababa to Warsaw via Athens, will operate on Mondays, Wednesdays, Fridays, and Sundays. Return flight ET 765 from Warsaw to Addis Ababa via Athens will  on Mondays, Tuesdays, Thursdays, and Saturdays.

19-04-2024 | 18:05:00
[Free Webinar Business Event] Supply Chain Resilience in Africa: Navigating Global Manufacturing and FX
Join the experts at this comprehensive webinar exploring the intricacies of supply chain management and payment dynamics in African markets.

19-04-2024 | 13:45:33
[South Africa] Johannesburg Stock Exchange proposes amendments to listing requirements
As part of its continued commitment to creating an enabling environment for listed companies, the JSE has announced the proposed amendments to its Listings Requirements to introduce the Market Segmentation Project aimed at the smaller issuers on the Main Board of the exchange.

17-04-2024 | 09:14:46
The Radisson brand enters Cape Town with the newly rebranded Radisson Hotel Cape Town Foreshore
Radisson Hotel Group brings the renowned Radisson brand to South Africa's "Mother City" with the rebranding of Park Inn Cape Town Foreshore to Radisson Hotel Cape Town Foreshore.

17-04-2024 | 07:10:00
The evolutionary journey of fruit slots in the gaming industry
Social media and collaborative gaming platforms added a new dimension to the gaming industry. Now players can share their successes, participate in tournaments, and challenge friends to competitions, adding elements of social interaction and competition.

16-04-2024 | 16:14:00
[South Africa] Volkswagen announces R4 billion investment in Kariega plant
The changes being made in preparation for the production of the new SUV also affords training and upskilling opportunities for Volkswagen Group Africa’s production employees.

12-04-2024 | 16:12:00
Global asset manager Rohatyn Group sells South Africa-based Portfolio Company BevCo to Varun Beverages 
The company operates five manufacturing facilities across South Africa with an installed capacity of 3,600 bottles per minute

11-04-2024 | 16:18:33
South African used car platform WeBuyCars lists on the Johannesburg Stock Exchange
WeBuyCars, a prominent and recognised brand within the pre-owned motor vehicle market, established over 23 years ago, has listed on the Main Board of the Johannesburg Stock Exchange (JSE) under the share code "WBC."

10-04-2024 | 19:33:00
Global Strategies for Success in Africa: Overcoming FX and Payment Hurdles
This event explores the vast potential and unique challenges of expanding businesses in Africa, focusing on mastering international pitches, understanding cultural nuances, and crafting pitches that highlight unique value propositions.

09-04-2024 | 14:13:00
Kenya Airways launches direct flights to Maputo, Mozambique 
The expansion takes flight from 14th June 2024, further solidifying KQ's commitment to strengthening its network and offering seamless travel experiences across the continent. 

05-04-2024 | 17:11:35
Global merchandising firm SPAR Group announces sale of interest in South Africa
These transactions have been approved by the SPAR Board of Directors and are expected to close in the second quarter.

05-04-2024 | 17:07:30
Surf Air enters deal to supply electric powertrains to Tanzanian Cessna caravan operator Auric Air
Surf Air now has approximately 13% of the Cessna Caravan market in Africa under agreement to upgrade to its electrified powertrains, once certified.

04-04-2024 | 15:57:00
Nakonde Border Post upgrade boosts trade between Zambia and Tanzania
Funded by the UK government, the ZMK 197 million (£7.1 million) project will improve the flow of goods and people along the Dar es Salaam Corridor, promising to streamline operations and reduce cargo clearance times by more than 100% on both sides of the border.

04-04-2024 | 11:21:37
East Africa Marine Transport inaugure son premier navire sur le lac Victoria
Après 21 mois de construction, East Africa Marine Transport (EAMT) a inauguré son premier navire sur le lac Victoria.

04-04-2024 | 10:00:00
[Kenya] Mombasa green entrepreneurs launch Zero Waste Festival
Zero Waste Fest culminated a week-long digital campaign dubbed #BeatPlasticPollution aimed at addressing the plastic pollution menace in Mombasa.


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