Author: James Wambua

• AI in agriculture is being used to drive the sourcing of real-time data, perform predictive analysis, and run algorithms that optimize farming practices.
• In South Africa, Kenya, and Zimbabwe, ITIKI, an innovative project is tapping indigenous environmental knowledge among African communities, integrating it with AI to predict droughts with better precision.
• GSMA: AI in agriculture is poised to enable the deployment of innovative digital financial solutions such as credit and insurance products for millions of farmers.

In Africa, a continent of over 1.2 billion people, agriculture remains the primary economic activity, accounting for 17 percent of the GDP on average while offering jobs to nearly 60 percent of the population.

The bulk of the food produced in Africa or about 80 percent is, however, attributable to the effort of smallholder farms, where women provide much of the workforce. Unfortunately, these smallholder farmers continue to face multiple challenges, a scenario that …

• Only about 50% of women in Kenya and 52% in Uganda feel that they are treated with respect and dignity.
• In Zimbabwe, 60% of women feel that they are treated with respect and dignity. This is a sharp drop from an estimated 71% of women who reported being treated with respect in 2013.
• The percentage of people in South Africa who feel this way was even worse at 27% among men and 28% among women.

In Africa’s most advanced economy South Africa, the percentage of people in South Africa who felt this way was even worse at 27 percent among men and 28 percent among women.

The push for equality across Africa appears far from yielding good results with a new report showing that the perceptions that women are treated with respect and dignity have dropped sharply in recent years in Kenya, Uganda South Africa, and Zimbabwe.

According to Gallup …

• Central Bank of Kenya says active mobile subscriptions hit 66.8 million by December 2023 compared to 65.7 million a year earlier.
• Increasing usage of mobile money saw the banking industry in Kenya experience a drop in the value of banking transactions via bank agents to $10.5 billion.
• Kenya is a trailblazer in the adoption and usage of mobile money across Africa.

A steady rise in the use of cashless transactions as well as the opening of 8,555 new mobile money agent shops in Kenya drove the value of mobile money transactions up by 13.8 percent to record KSh788.35 billion or $6 billion in 2023.

Kenya has been a trailblazer in the adoption and usage of mobile money across Africa since the launch of pioneer cash transfer platform M-PESA by Safaricom PLC in 2007.

“Amidst the increasing adoption of technology and the widespread use of mobile phones in daily life, coupled …

• Antoinette Monsio Sayeh is set to retire as Deputy Managing Director of the International Monetary Fund (IMF) on September 12, 2024.
• The IMF says her experience, deep integrity, and wise judgment have been invaluable to the global lender.
• Antoinette Sayeh oversaw several vital initiatives of operations, policies, and corporate priorities, drawing on her deep knowledge of the institution.

Liberian management icon and trailblazer Antoinette Monsio Sayeh is set to retire from the International Monetary Fund (IMF) on September 12, 2024.

In an update by the IMF Managing Director Kristalina Georgieva, Antoinette Sayeh will conclude her tour of duty in the Washington-based institution this September where she has been serving as the Deputy Managing Director since 2020.

At the helm, she served with deputy managing directors Kenji Okamura (Japan), Bo Li (China) and Gita Gopinath (US/India) who is the first managing director.

“Antoinette has been a pillar of the Fund’s leadership …

• d.light and impact investor African Frontier Capital have joined forces on new financing to support consumer loans for solar and high-efficiency appliances in East Africa.
• The US-headquartered firm will use the new financing to enhance its PayGo consumer finance offering.
• d.light seeks to make solar-powered products available to more low-income households and communities.

Off-grid solar provider d.light, has secured a new securitization funding worth $176 million from social impact-focused asset management company African Frontier Capital (AFC) to enhance access to green energy-powered applicances in Kenya, Tanzania, and Uganda markets.

The California-based company said it will use the new financing to enhance its PayGo consumer finance offering as the firm seeks to make solar-powered products available to more low-income households and communities in the target markets.

“This new facility is another landmark step in d.light’s mission to provide people with affordable energy that is also clean, safe and sustainable. It …

• The programme will be rolled out in Bahr el Ghazal in the north, Eastern Equatoria, Central Equatoria and Jonglei states, creating 179,200 new jobs.
• UN’s FAO and South Sudan’s Ministry of Agriculture and Food Security have been picked as the implementers.
• The initiative will boost productivity by an additional 350,000 tonnes of rice and sorghum and 2,450 tonnes of fish.

The African Development Bank (AfDB) has approved a $46.2 million grant for South Sudan’s agriculture sector. This grant is set to finance South Sudan’s Climate Resilient Agri-Food System Transformation Programme, which is set to run between September 2024 and December 2030.

Over these six years, the project aims to deploy climate-smart technologies and production systems on a large scale while also strengthening the priority value chains of businesses led by women and young people.

The project brief shows that the project seeks to promote digital agricultural and climate advisory solutions …

• Uncover eyes new markets in Africa with the fresh injection of capital.
• Founded in Kenya three years ago, Uncover has since expanded into Nigeria, Uganda, and recently to Ghana, with plans underway to expand to the Democratic Republic of Congo (DRC).
• At the moment, the African beauty market is the world’s fastest-growing segment.

Skincare startup Uncover has successfully closed a $1.4 million Seed II funding round, a fresh injection of capital that will see the company expand its footprint across Africa.

“The industry has represented only a few skin tones in testing and we are one of the first brands testing on women in Africa. Our data-driven products combined with a tech platform-focused personalization have fueled the company’s growth. What’s exciting is that we are starting in Africa but seeing global demand and opportunity for our solution,” explained Sneha Mehta, Co-Founder and CEO of Uncover.

According to Uncover, this financing …

• The fund’s mission is to support startups seeking to address societal problems such as insecurity, joblessness, and poverty eradication through tech-powered innovations.
• Applications are now open for founders across Africa who meet six screening criteria: Character, Credibility, Capacity, Courage, Competence, and Context. Interested founders can apply via Innovate Africa Fund.
• Since 2019, the African startup funding scene has seen a remarkable increase, with disclosed exits crossing $2.3 billion.

Innovate Africa, a newly launched angel investment fund, is set to revolutionize the startup ecosystem in Africa with an initial $2.5 million investment aimed at supporting early-stage founders.

The platform, co-founded by Kristin Wilson and Christian Idodi, is sector-agnostic and plans to finance up to 20 startups in its first year.

The fund’s mission is to support startups seeking to address societal problems such as insecurity, joblessness, and poverty eradication through tech-powered innovations. Applications are now open for founders across Africa …

• Data firm Bboxx is scaling up clean cooking access in Rwanda in liaison with TotalEnergies following a successful pilot of Pay-As-You-Go LPG.
• This deal will see Bboxx provide its innovative technology and PAYGo finance model and TotalEnergies Marketing Rwanda LPG cylinders.
• The partnership is targeting one million people over the next 5 years.

Data-driven platform Bboxx has entered a new partnership that seeks to transform lives and unlock potential by connecting consumers has joined forces with TotalEnergies to scale access to clean cooking solutions, targeting one million people in Rwanda.

This partnership will see more Rwandans start accessing Liquid Petroleum Gas (LPG) clean cooking in and beyond Kigali City, Rwanda. While unveiling the plan, the companies said the latest move follows a successful pilot programme in 2023, and plans are underway to reach 1 million people over the next 5 years.

Bboxx, a firm that prides itself on accelerating the …

• Ratings agency Moody’s has downgraded Kenya’s local and foreign-currency long-term issuer ratings to Caa1 from B3, with a negative outlook.
• This downgrade ushers the economy into an era of reduced capacity to rollout revenue-based fiscal consolidation.
• The move also has broader implications for the country’s near-term economic stability.

East Africa’s giant economy is at a pivotal moment following ratings agency Moody’s move to downgrade its local and foreign-currency long-term issuer ratings to Caa1 from B3, with a negative outlook.

This downgrade, which comes just a week after a three-week nationwide revolt forced the government to shelve the Finance Bill 2024, ushers the economy into an era of reduced capacity to roll out revenue-based fiscal consolidation. This negative outlook also has broader implications for the country’s near-term economic stability, Moody’s states.

Kenya’s fiscal consolidation challenges amid negative outlook

Moody’s downgrade signals the Kenyan government’s shift away from planned tax increases, opting …