Author: Kang'ethe Njoroge

• Faulu Bank, a microfinance firm in Kenya, unveils a digital platform for real time cash transfer between banks and their clients.  
• It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards.
• The bank has so far invested over $1.42 million in digitizing services. 

Kenya’s Faulu Bank has unveiled a new banking solution offering large enterprises and corporations seamless, real-time, and cost-effective transfers between banks and their corporate clients.

The solution is one of the digital offerings Faulu Bank is rolling out this year as it turns into a digital-first lender.

Faulu Bank’s DigiCash App

It complements its recent innovations such as the Faulu DigiCash App, and the tap-and-pay digital cards that allow users to transact on the go.

With the introduction of the Host-to-Host solution, Faulu Bank has so far invested over $1.42 million in digitizing services.

Speaking during the official launch of the …

• The new partnership is aimed at creating quality jobs and boosting resilience to climate change. 
• The strategy aims at improved resilience to climate change and reduced carbon emissions.
• Agreement will enhance the resilience and competitiveness of the private sector to create jobs.

The World Bank Group has announced a new five-year Country Partnership Framework (CPF) with Tunisia that supports the government’s development plan to expand the economy and tackle climate change. The new partnership aims at creating quality jobs, and boosting resilience to climate change.

The strategy was discussed with the World Bank Group’s Board of Directors and provides direction for the Bank Group to continue playing its role as a long-term partner of the country and its people.

Tunisia Vision 2035

“This new strategy provides the basis for the World Bank and Tunisia to accelerate programs to help unleash the country’s economic potential and foster a better future for …

Airtel, Kenya’s second-largest mobile service provider, has partnered with Kenya Power and Lighting Company (KPLC). This partnership will allow Kenyans to pay their electricity bills through their mobile money platform at no cost.…

• Kenya is keen on delivering quality engineering capacity by establishing Kenya School of Engineering.
• President William Ruto says engineering holds the catalytic power to Kenya’s Bottom-Up Economic Transformation Agenda.
• Kenya’s high-rise structures’ structural soundness has come under scrutiny in recent years, prompting concerns.

By pointing out that engineering innovation contains the catalytic capacity for the Bottom-Up Economic Development Agenda, President William Ruto is urging engineers to take the lead in Kenya’s development

“Engineering is our growth’s bedrock; the link between a country’s engineering capacity and its development is well established,” Dr Ruto explained during the 4th Engineering Partnerships Convention in Naivasha, Nakuru County.

Kenya School of Engineering

Dr Ruto said his administration seeks to build the best possible engine for engineering innovation, which is essential for promoting Kenya’s sustainable growth.

The President outlined how the establishment of a Kenya School of Engineering will help the government deliver quality engineering innovation …

• Funding aimed at increasing the efficiency of domestic resource mobilization and public expenditure. 
• The move will enable the government to have more resources to finance public services and respond to economic shocks. 
• The program targets more inclusive access to e-declaration and performance-based management in customs administration.

In order to assist Benin in improving the effectiveness of domestic resource mobilization and public expenditure, the World Bank has granted financing from the International Development Association (IDA) totaling $150 million.

The Economic Governance for Service Delivery Program for Results (PforR) will support projects aimed at increasing the effectiveness of domestic resource mobilization and public expenditure. This will to provide the government with greater funding to support public services and react to economic shocks.

The program aims for performance-based management in customs administration and more inclusive e-declaration access.

Additionally, it encourages the creation of a setting favorable to citizen scrutiny of public finances and …

• Newly appointed directors on the board of KEPSA take charge and embrace new strategies.
• Change of leadership also seen at KEPSA’s Governing Council where new sector chiefs will steer industry boards.
• KEPSA, which is celebrating its 20th anniversary later this year, has made a significant contribution to Kenya’s economic growth.

Jaswinder Bedi of Bedi Investment is now the Chairperson of the Board of Directors of the Kenya Private Sector Alliance (KEPSA), ushering in a new era at the head of guiding the role of private investments in the nation’s economy.

American Chamber of Commerce

On the occasion of the organization’s 19th Annual General Meeting, Brenda Mbathi of the American Chamber of Commerce, Kenya, was also elected as Vice-Chairperson. Bedi, who has served as the Vice-Chairperson of the Board since 2021 will be succeeding Flora Mutahi after her two-year tenure at the helm of KEPSA Board.

The KEPSA Board also received …

• The new route will run on Monday, Wednesday, and Saturday every week using Boeing 787-9. This model is Air France’s leading aircraft in African skies.
• Airline’s expansion will offer travelers more choices and contribute to the growth of Tanzania’s tourism industry.
• Travel-related revenue in Tanzania nearly doubled to $2.56 billion in 2022 from $1.31 billion previously.

The first flight from Paris Charles de Gaulle to Dar es Salaam’s Julius Nyerere International Airport has been launched by Air France, the national airline of France.

Air France is demonstrating its belief in Tanzania as a destination for both business and leisure travel. The new route adds to the airline’s existing service between Paris and Zanzibar.

Air France to fly three times per week

The Boeing 787-9, a highly effective and environmentally friendly aircraft operated by Air France to sub-Saharan Africa, will fly the route on Monday, Wednesday, and Saturday every week.…

• IFC and the Sovereign Fund will identify high-impact infrastructure projects in strategic sectors in Morocco.
• They will work closely with stakeholders to structure them into viable projects, respecting the best environmental, social and governance standards.
• IFC will also support the establishment of an Infrastructure sub-fund of the Mohammed VI Fund for Investment open to Moroccan and international partners.

A cooperation between the Mohammed VI Fund for Investment and the IFC has been established to find and fund sustainable infrastructure projects in Morocco.

One of the most important segments of the Moroccan economy is the infrastructure industry. Large capital investments are necessary, necessitating more private sector investment alongside public investment.

Infrastructure projects in Morocco

In accordance with this agreement, the Sovereign Fund and IFC will find high-impact infrastructure projects in Morocco industries.

“IFC is supporting the Government of Morocco to mobilise private investment in the infrastructure sector. This new partnership signed …

• Ghana and the UK have unveiled an investor group to help identify mutually beneficial investment opportunities.
• Target industries are pharmaceuticals, textiles, and agro-processing.
• The announcement at the 8^th UK-Ghana Business Council meeting in London, saw the two countries commit to strengthen trade and increase investment.

The UK and Ghana are looking to further strengthen boost their existing trade partnership with a new investor group. The two countries have launched a new investor group to help identify mutually beneficial investment opportunities boost existing economic partnership.

The announcement at the 8^th UK-Ghana Business Council meeting in London, co-chaired by the Minister for Development and Africa, Andrew Mitchell, the Minister for International Trade, Nigel Huddleston, and the Vice-President of Ghana, Dr Mahamudu Bawumia, comes as the two countries committed to strengthen trade and increase investment.

Generate leads on viable projects

The business-led UK-Ghana Investor Group will include UK investors and key …

• Kenya’s President William Ruto is urging Africa to shift from exports of raw materials to industrial processing of goods. He says African economies must change tact to revamp import/export trade.
• Comesa bloc has a combined GDP of $805 billion and a global export/import trade in goods worth $324 billion. 
• In a radical move, Dr Ruto calls for merging of Comesa, the East African Community, and the Southern African Development Community. 

Kenya’s President William Ruto is calling on the Common Market for Eastern and Southern Africa (COMESA) member-state to embrace industrial processing of to boost the value of exports and in turn enhance Africa’s share of global trade. 

In a radical shift that is also seeking to boost trade across Africa, Dr Ruto is also calling for the consolidation of trading blocs Comesa, the East African Community, and the Southern African Development Community.

Industrial processing to boost Africa trade

By joining …