Author: furtherafrica.com

With the growth of online banking and online currencies in Africa, the industry of financial technology has seen a growth of over 60% in the past years. Following up a surprising growth, the industry also managed to raise over $320m USD at the same time.

Investment in African Fintechs nearly quadrupled in 2018 to $357m USD, with startups in Kenya, Nigeria and South Africa accounting for the largest share, according to The Mobile Economy, Sub-Saharan Africa 2019 report from the GSM Association.

MTN announced in July that it had been granted a full Super Agent Licence in Nigeria for its Yello Digital Financial Services Limited subsidiary. This will enable the scale launch of MTN Nigeria’s Fintech strategy. Enabling it to convert its existing airtime agents, and recruit other small businesses, to distribute financial services. MTN’s group CEO Rob Shuter told Forbes correspondents earlier this year that “mobile will be at …

Britain has agreed a deal with six southern African countries, that will ensure continuity of trade conditions after Brexit.

Political turmoil in the United Kingdom has generated uncertainty over how, when and even if the country will withdraw from the European Union. Its current exit date is set for Oct. 31.

But while the situation has left the future trade relationship between Britain and the EU in doubt, London has been working to minimise the impact of Brexit on other trading partners.

Britain initialled an Economic Partnership Agreement with the Southern African Customs Union (SACU) – comprising South Africa, Botswana, Lesotho, Namibia, and eSwatini (formerly known as Swaziland) – and Mozambique on Tuesday.

“This trade agreement, once it is signed and takes effect, will allow businesses to keep trading after Brexit without any additional barriers,” Britain’s International Trade Secretary Liz Truss said in a statement.

The agreement is still subject …

It has been such a pleasure to meet and interview Hadija Jabiri, founder of GBRI (EatFresh Tanzania). I have discovered a very humble, strong and resilient lady who, I’m sure, will arrive much further than where she has already arrived. Thank you, Hadija: the conversation with you has inspired me in many ways.

Why did you choose the horticulture sector and how did your business start?

I never thought to start a farming business: I have always looked at farming life like something not attractive and none in my family is engaging in agriculture. I just decided to get into it because I realized it would have brought back a good return on the investment: someone can decide whether to buy or not a t-shirt, but he/she will definitely need to eat. So let’s say that my main driver was money, but if I have to describe how …

Tanzania has moved to look into a possible profitable venture in Cryptocurrency.

A circular purported to be coming from the Directorate of Economic Research and Policy at the Central Bank of Tanzania (BoT) shows that the bank is conducting a study to assess the extent of cryptocurrency impact on the Tanzanian economy with a view to registering brokers for the business.The circular, in part, reads:

“Please be informed that the Bank of Tanzania is conducting a study to assess the extent of Cryptocurrency and Online Forex Trading and its implication to the economy in Tanzania. The result of this survey will determine whether or not there is any need to register brokers for this business in the country.”

The letter goes on to further state that BoT will conduct the survey by visiting various parts of Tanzania and interview selected individuals to gather the needed information for decision making.…

Looking for growth opportunities? Africa is a continent with huge economic potential.

It has been gradually transformed in the past 20 years and we are on the cusp of significant growth, with blossoming entrepreneurship and plenty of opportunities for smart and simple business solutions.

Africa is on the rise

Africa is a 1.2bn-person market, a number expected to double over the next 30 years. Generally, business leaders tend to overestimate the challenges of doing business in Africa and underestimate the size and potential on the African continent. Thereby not stating that the African markets are easy to do business in, but emphasising that they are worth the effort, and companies not engaged in African markets risk losing out on one of the 21st century’s great growth opportunities.

One of the fastest growing economies in Africa

Mozambique is one of the poorest countries in the world but it will see large-scale …

According to the global technology research and consulting firm’s newly released Quarterly Mobile Phone Tracker, overall shipments for the quarter totalled 52.2 million units, down from 53.1 million units in Q1 2019. Feature phones accounted for 58.3% of the market, with shipments declining 3.7% QoQ, while smartphone shipments increased 1.0% over the same period to account for 41.7% share.

“Feature phones remain an integral part of the African mobile phone market due to poor network infrastructure across large parts of the continent, particularly in rural areas, and the ease of use of these devices,” says George Mbuthia, a research analyst at IDC. “However, the transition to smartphones is continuing, albeit slowly, and the affordability of feature phones alone was not enough to stop this segment of the market declining in Q2 2019. Smartphones, on the other hand, enjoyed a recovery from the decline in shipments seen in Q1 2019.”

Nigeria …

According to a report by the World Economic Forum on Africa, mega-solar projects – large-scale installations capable of producing upwards of hundreds of megawatts of power – are generating much-needed electricity in countries all over the world.

In sunny Southern Africa, however, the report says, a historic lack of public-private partnerships outside of South Africa and, until recently, Zambia, to develop such projects has left much of the region’s vast solar power potential largely untapped.

But Botswana and Namibia are poised to change this trend, the report says. The two neighbouring countries will be supported by the World Economic Forum’s Global Future Council on Energy – which includes organizations such as the World Bank Group, International Finance Corporation (IFC), African Development Bank, Africa Renewable Energy Initiative, New Partnership for Africa’s Development, the International Renewable Energy Agency (IRENA), and the US government-led Power Africa initiative to realise this dream.

“This multi-phased …

General Electric (GE) has upgraded the gas turbines at the Songas Ubungo Power Plant in Dar es Salaam, Tanzania.

The upgrade of three GE LM6000PA and one LM6000PC aero-derivative gas turbines is expected to improve the efficiency of the Songas Ubungo Power Plant, which delivers more than 20 per cent of the grid-connected power in Tanzania.

Songas managing director Nigel Whittaker said: “We are very pleased with GE’s execution because it was completed safely and ahead of schedule, with great commitment and consistency across the four LM6000 units.

“The successful completion of this project not only improves Songas’ performance levels, but through the additional reliable supply of electricity, continues to contribute to the economic development of the country, making a significant difference in the lives of Tanzanians.”

As part of the upgrade, GE has installed its SPRayINTercooling (SPRINT) technology on two of the four units. The technology has been designed …

Impact investing has been a buzzword for quite some time, but in reality, for most financial professionals, it is still somewhat of a new concept and quite often misunderstood.

Capital deployed with the purpose of generating measurable social or environmental impact has been available for ages; however, attaching an expectation of financial returns demands liability from everyone involved and translates into sustainable projects with a real developmental impact. FurtherAfrica met with Christelle Kupa, a rising star in the African impact investment scene to talk about the market misconceptions and to learn more about how Uhusiano Capital is taking the lead to connect European players with impact investment opportunities in Africa.

Fabio Scala: It’s such a pleasure to see you Christelle. I decided to begin this OpenTalk on a different note as we’ve been friends for a few years now and its no secret that I am a big fan …

African Development Bank Vice President Mateus Magala told Lusa that Mozambique faces the challenge of putting natural resource gains at the service of inclusive and sustainable development.

“The big challenge for the next decade is how to put these huge natural resources at the service of the accelerated, inclusive and sustainable growth of Mozambique’s economy,” head of AfDB’s Corporate Services and Human Resources, Mateus Magala, said.

Magala is in Mozambique to witness the signing of financing agreements for the Temane – Maputo power transmission line on Wednesday.

Also Read: AfDB joins private equity firm AfricInvest for Africa equity kitty

The AfDB vice president described the current phase in Mozambique as “historic”, marked as it is by announcements of major investments in natural resources and electricity.

“Today, it is a certainty that Mozambique will, in the coming years, be among the largest gas producing countries in the world, opening the doors …