Author: Kang'ethe Njoroge

• Kenya’s construction tech startup Jumba, has announced it has raised a $4.5 million seed round.
• The funds will be used to further develop their tech and extend their growth in East Africa and beyond.
• Jumba simplifies the sourcing of construction materials through a common marketplace for retailers and developers.

Kenya’s construction tech startup Jumba, has announced it has raised a $4.5 million seed round. The funds will be used to further develop their tech and extend their growth in East Africa and beyond.

Jumba launched its marketplace in April 2022 and already serves customers in over 60 percent of the counties in Kenya. 

The company creates efficiencies in the construction materials supply chain by offering digital transactions and transparent pricing for manufacturers, hardware stores and construction sites. Hardware store owners use Jumba’s platform as a one stop shop for all construction materials, benefiting from pricing and supply visibility as well …

• Inflation is cooling gradually but remains stubbornly high in most economies, including Africa, UK and U.S. despite the efforts of central banks according to economic experts. 
• In 2023 EIU forecast that disinflation in SSA will be slower than on all continents barring Latin America and Asia and Australasia, and that SSA inflation will average 12.5 percent. 
• Markets are now betting on a longer period of higher interest rates as they begin to take heed of the message from central bank officials.

Inflation is cooling gradually but remains stubbornly high in most economies, including Africa, UK and U.S. despite the efforts of central banks according to economic experts.

Average annual inflation in Sub-Saharan Africa (SSA) in 2022, hit 14.5 percent year-on-year on aggregate according to Economist Intelligence Unit (EIU) and is estimated to have been higher than in any other region of the world except the Middle East and North Africa, …

• South Africa is set to host Africa’s Green Economy Summit starting February 22, 2023, in Cape Town.  
• The summit is part of the E-Fest Cape Town that will culminate in the Formula E 2023 Cape Town E-Prix race in the same week on Saturday, 25 February 2023.
• Africa’s Green Economy Summit will bring together stakeholders deliberating investment prospects in the green economy. 

Cape Town is ready to host Africa’s Green Economy Summit that connects global capital and green economy projects starting February 22 to February 25, 2023.  

The summit is part of the E-Fest Cape Town that will culminate in the Formula E 2023 Cape Town E-Prix race in the same week on Saturday, 25 February 2023.

Speaking ahead of the conference, Western Cape Premier Alan Winde said there is huge potential in the Western Cape’s green economy.

 “The economy is bristling with opportunity even in the face of the …

• Limited infrastructure, lack of standardized regulations and high air transport costs are among the challenges affecting the air transport sector in the East African Community according to a new report by East Africa Business Council. 
• According to the report, limited liberalization of air transport contributes to high flight ticket rates and visa restrictions limit the movement of non-residents into the EAC region.
• The report calls for an EAC single air transport services agreement in a bid to lower the cost of air transport within the region. 

Air Transport costs in the East African Community are higher than those in Europe and other African countries according to a new report by East Africa Business Council. 

According to the report, the ticket price per kilometre in the EAC region is more than twice the ticket price for destinations in Europe and other countries in Africa.

‘‘The average ticket price per km in …

• IFC, DEG, Hollard, and Yellowwoods Invest $17 million in Naked to Boost Access to Insurance in South Africa
• The IFC – Led equity Investment is aimed at increasing access to quality insurance products and services in South Africa
• The combined investment will also support Naked’s strategy to expand its digital insurance offering, including to more first-time insurance buyers, and allow it to continue innovating to improve customer experience.

The International Finance Corporation (IFC) has partnered with the German Development Finance Institution (DEG), Hollard, and Yellowwoods to invest $17 million in South African insurtech company Naked to expand access to vehicle, home, and other insurance products.

The IFC-led equity Investment is aimed at increasing access to quality insurance products and services in South Africa

The combined investment will also support Naked’s strategy to expand its digital insurance offering, including to more first-time insurance buyers, and allow it to continue innovating to …

• Launch Africa has been named as the most Active investor in Africa, according to the latest data from Big Deal.
• The data indicates that Launch Africa has been signing more than a deal a week on average in the last two years, and has the widest geographical spread.
• Launch Africa is followed by Flat6Labs who’s the only one of this very active group to focus exclusively on one region : Northern Africa (with 2/3 in Egypt and 1/3 in Tunisia). 

Launch Africa has been named as the most active investor in Africa, according to the latest data from Africa: The Big Deal. The data indicates that Launch Africa has been signing more than a deal a week on average in the last two years, and has the widest geographical spread.

The firm also got involved in 12 percent of all equity deals between $100k and $10m that happened on the …

• The National Bank of Kenya (NBK) has appointed George Odhiambo as the Managing Director.
• The position was previously held in an acting capacity by Peter Kioko, the Finance and Strategy Director since June 2022.
• Odhiambo is a seasoned banker, and the outgoing MD BPR Bank Rwanda Plc since its inception last year, following the merger between KCB Bank Rwanda Plc and Banque Populaire du Rwanda.

The National Bank of Kenya (NBK) has appointed George Odhiambo as the Managing Director. The position was previously held in an acting capacity by Peter Kioko, the Finance and Strategy Director since June 2022.

Odhiambo is a seasoned banker, and the outgoing MD BPR Bank Rwanda Plc since its inception last year, following the merger between KCB Bank Rwanda Plc and Banque Populaire du Rwanda. He was the immediate former MD, KCB Bank Rwanda Plc and joined KCB in 2009 as Head, Business Analytics, KCB …

• Limited internet access is inhibiting the uptake of agricultural innovations across Africa.
• While Agriculture remains the backbone of Africa’s economy, farmers in rural areas are yet to benefit from the innovative solutions designed to increase productivity within the sector.
• Innovative solutions are the key to boosting employment and increasing youth participation in the agricultural sector.

Limited internet access is inhibiting the uptake of agricultural innovations across Africa. This is according to Hon. Frank Tumwebaze, Uganda’s Minister for Agriculture, Animal Industry and Fisheries.

Speaking at the sidelines of the two-day Africa-Korea Agtech Innovation Summit held in Nairobi, Hon. Tumwebaze, said, “While Agriculture remains the backbone of Africa’s economy, farmers in rural areas are yet to benefit from the innovative solutions designed to increase productivity within the sector.”

The Uganda Minister emphasized the role of Governments’ investment in internet penetration across Africa’s rural areas. This will aid in adoption of …

• The Mombasa Plastics Prize has selected 60 innovators whose ideas have been selected to tackle marine plastic pollution along the coastline of Mombasa County.  
• Aged 18-25, the finalists are grouped into 15 teams and are now in a race to be one of the top three teams to win over $70,000 (Sh7 million) of cash prizes.   
• From January to May 2023, each team will develop their concepts. To help them build their prototypes into viable solutions, the teams will participate in a series of hack events, receive mentorship in entrepreneurship and business skills, and receive other capacity-building opportunities. 

The Mombasa Plastics Prize has selected 60 innovators whose ideas have been selected to tackle marine plastic pollution along the coastline of Mombasa County.  

Aged 18-25, the finalists are grouped into 15 teams and are now in a race to be one of the top three teams to win over $70,000 (Sh …

• IFC and Equity Banque Commerciale du Congo (EquityBCDC), a subsidiary of Equity Group, has partnered to increase access to finance for small and medium-sized enterprises (SMEs) in the DRC and to promote economic diversification in the country.
• Under the partnership, IFC will support the expansion of EquityBCDC’s SME-lending operations through a $12.5 million risk sharing facility (RSF).
• Through the partnership, EquityBCDC aims to provide an additional 1,700 SME loans within the DRC and expand its SME portfolio from $250 million in 2021 to $631 million by 2026.

IFC and Equity Banque Commerciale du Congo (EquityBCDC), a subsidiary of Equity Group, has partnered to increase access to finance for small and medium-sized enterprises (SMEs) in the DRC and to promote economic diversification in the country.

Under the partnership, IFC will support the expansion of EquityBCDC’s SME-lending operations through a $12.5 million risk sharing facility (RSF).  

 IFC is also providing advisory services …