Author: The Exchange

Malawi’s Lazarus Chakwera: “It is only right that I concede defeat out of respect for your will as citizens and out of respect for the constitution.” Mutharika has managed to secure an estimated 66 per cent the votes cast compared to the incumbent’s just over 24 per cent. Chakwere: “It was clear that my rival Peter Mutharika has an insurmountable lead over me. In the days that remain, I want you to know that I am committed to a peaceful transfer of power.” President Lazarus Chakwera of Malawi has accepted that former President Peter Mutharika defeated him during the election…

African Social Security Association has entered into alliance with the Africa Finance Corporation (AFC) to mobilize $1.17 trillion in national savings for infrastructure investment. Under a plan dubbed ‘Africa Saving for Growth’ program, the push will run under the auspices of the Global Africa Business Initiative (GABI), part of the UN Global Compact. Program seeks to expand Africa’s capital-pools dataset, and increase allocation to infrastructure and private sector-led projects in Africa. A new program involving social security institutions across 15 countries in Africa seeks to mobilize up to unlock $1.17 trillion in national savings for critical infrastructure investments. The deal,…

Cassava Technologies projects to boost existing and potential customers to process AI workloads and data within national borders in alignment with local requirements and regulations. Cassava will begin in South Africa and later expand into Egypt, Kenya, Morocco, and Nigeria. This phased rollout is in line with Cassava’s expansions planned at its other data centre facilities across Africa. The two companies will integrate the context, languages, and cultural nuances of the region into these AI solutions. Tech heavyweights Cassava Technologies has announced a strategic collaboration with Accenture to scale Cassava’s sovereign AI capability across Africa. The deal will see Accenture…

M-PESA upgrade is expected to deliver scalability, resilience and AI-powered innovation that will see platform process 6,000 transactions per second from the current 4500 Tps. Transformation positions M-PESA to meet the growing demands of Africa’s digital economy while preparing for future opportunities. New-look platform embeds artificial intelligence to aid in fraud detection, enable self-healing, and power real-time monitoring. Tech giant Safaricom is set to undertake the most significant upgrade of its mobile financial services platform M-PESA, offering the fintech a new-look system that can process 6,000 transactions per second (Tps), up from the current 4,500 Tps. The planned upgrade on…

African Energy Week was born out of a need to bring the discussion about Africa’s energy future back to the continent. AEW was born out of a need to bring the discussion about Africa’s energy future back to the continent. For so long, we have seen major energy events discuss key topics about the continent in international locations. From Houston to Dubai to London. Five years may seem a short time in the lifespan of an industry, but in the African energy space, it has been nothing short of a revolution. At the heart of that transformation stands NJ Ayuk,…

Afreximbank and KCB Group announce tailored financing plans for manufactures, agro-processors, logistics, and value-addition firms planning to set up shop in Vipingo Special Economic Zone. From capital facilities, project finance, trade finance, project facilities, guarantees and advisory, lenders offer to ease business operations in new SEZ located at Kenya’s coast. Vipingo SEZ is a $3 billion industrial joint project between Centum Investment and Dubai-based Arise Integrated Industrial Platforms (Arise IIP). Investors planning to establish their enterprises in the upcoming Vipingo Special Economic Zone (VSEZ) in Kenya’s coast have a reason to smile after lenders KCB Group and the African Export…

Uber Safari’s debut in Kenya builds on the taxi firm’s 2024 pilot in South Africa’s Kruger National Park, which, despite initial challenges, is paving the way for scalable digital tourism. For Kenya, where tourism contributes about 10% to GDP and employs over 1.1M people, Uber Safari represents an innovative fusion of technology and tradition, potentially streamlining access to one of Africa’s premier urban wildlife destinations. Across Africa, Uber Safari’s expansion could inspire similar innovations in Uganda’s Bwindi or Namibia’s Etosha, driving sustainable growth. Uber Technologies has unveiled a new offering, Uber Safari, a service that allows a group of holidaymakers…

Many players in livestock farming across Africa remain unaware of the relationship between this sector and greenhouse gas emissions. Currently, livestock farming contributes about 18% of global greenhouse gas emissions according to international estimates. In South Africa, the sector contributes between 0.4% and 0.5% of the global total, equal to about 32.5 metric tonnes of carbon dioxide equivalents a year. Livestock farming feeds millions of Africans, but it also leaves a carbon footprint that cannot be ignored. According to North-West University (NWU) in South Africa’s animal scientist, Prof Kenny Mnisi, this challenge is finding the balance between sustaining households and…

Equity Bank trade mission has attracted a diverse group of entrepreneurs from Kenya, DRC, Tanzania, Zimbabwe, Ethiopia, South Sudan, Poland, Germany, and the U.S. Delegates are seeking to establish business footholds in Katanga region, which is known for its significant copper and tin deposits. A trade mission drawing potential investors from 16 countries is in the Democratic Republic of Congo (DRC) mining-rich Katanga area exploring investment opportunities in the country. In an update on Monday, one of East Africa’s biggest lender Equity Group said the trade mission comprises of over 50 delegates will be on a week-long exercise to unlock…

New report shows climate finance by multilateral development banks rose 10% to $85.1 billion in 2024 compared with previous year. MDBs’ climate finance for low- and middle-income economies increased 14% to more than $85 billion. High-income economies received $51.5 billion in climate finance from multilateral lenders during the period under review. Lenders pumped a total of $85.1 billion in climate finance to poor countries last year, reflecting a 14 per cent year-on-year increase, a new report by multilateral development banks (MDB) reveals. According to the 2024 Multilateral Development Bank Climate Finance Report, statistics show that climate finance going to adaptation,…