Author: James Wambua

• 121 African startups secured $466M, marking a 27 per cent drop from the previous quarter; women-led startups got 6.5 per cent of the capital.
• About 87 per cent of startup funding in the three months to March went to entities in Nigeria, Kenya, Egypt, and South Africa.
• Gender imbalance persists as only 6.5 per cent of the financing went to female-led startups in Africa.

The big four economies of Nigeria, South Africa, Kenya, and Egypt continue to attract the highest share of funding going to startups in Africa, even as the ecosystem suffered a 27 per cent drop in financing to $466 million in the three months to March 2024.

The latest analysis from Africa: The Big Deal shows that 87 per cent of startup funding in the three months to March went to upcoming entities in Nigeria, Kenya, Egypt and South Africa.

Attracting $160 million, Nigeria’s economy accounted for …

• AFC’s landmark wind farm in Djibouti set the country on a path to becoming the first African country fully powered by renewable energy.
• Last year, the corporation committed to overhauling Kinshasa’s mass transit system to enhance mobility.
• 2023 saw the AFC welcome three new members—Ethiopia, Burundi, and Sao Tome and Principe.

As the world looks into Africa to launch the next development phase, the Africa Finance Corporation (AFC) is increasingly emerging as a participant and a pacesetter in African infrastructure investments.

Last year marked a watershed moment for the organization, as AFC’s impact was evident in an ambitious slate of projects that span the spectrum of Africa’s developmental needs, from renewable energy sources and transport corridors to mining and climate resilience initiatives.

AFC’s impact on key economic corridors

Last year was a standout moment for AFC, with the corporation not merely navigating but thriving amidst growing global tensions, inflationary pressures, …

• Three decades later, the Rwanda genocide elicits several unanswered questions about the events leading up to, during, and after the killings.
• Who was responsible for shooting down President Juvenal Habyarimana’s plane?
• Nine years after the closure of the ICTR tribunal, high-profile fugitives remain at large, and many survivors continue to seek justice.

It is that time of the year again, April 7, when the world marks a somber remembrance of the Rwanda genocide. This year, as we observe the 30th anniversary of the genocide that ripped through the heart of this small East African country, the world is yet to come to terms with some hard questions.

In just 100 days, from April to July 1994, an estimated 800,000 people were brutally massacred, targeted primarily for being Tutsi or moderate Hutu.

Despite the passage of three decades, the Rwanda genocide remains a subject of intense scrutiny and reflection, not only …

• Ghana-based Zeepay has secured support from Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and I&P.
• The firm is set to ehancing its offerings to International Money Transfer Organizations, senders and recipients of remittances.
• Last year, the company processed 10 million remittance transactions amounting to over $3 billion.

Cash transfer giant Zeepay has successfully closed a substantial equity investment round that is poised to power its business in new territories. Led by Pan-African investment heavyweights including Africa50, Oikocredit, Injaro, Verdant Capital Hybrid Fund, and Investisseurs & Partenaires (I&P), this financial infusion is poised to turbocharge Zeepay’s ambitious expansion across Africa and the Caribbean.

Since its establishment in 2014, Zeepay has been at the forefront of revolutionizing payment infrastructures, boasting an impressive presence in over 20 countries globally.

Specialising in the instant settlement of remittances into mobile money wallets, the company has been a beacon of financial …

• Kenyan doctors have rejected a $18.3 million (KES2.4 billion) offer to return to work.
• The top demands of over 7,000 medics include immediate hiring of trainee doctors, adequate medical insurance coverage for doctors and their dependents, and fixing delays in pay.
• The labour boycott also calls for paying doctors working in public hospitals as part of their higher degree courses.

In a move that further throws Kenya’s healthcare system into a spin, public hospital doctors under the Kenya Medical Practitioners, Pharmacists, and Dentists Union (KPMDU) lobby have rejected a $18.3 million (KES2.4 billion) offer to leave the streets and go back to work.

The latest twist underlines the deepening rift between healthcare professionals and Kenyan officials amid a strike that has now stretched into its third week since March 15.

Representing over 7,000 members, KMPDU initiated the strike to address several critical issues, including the demand for the payment of …

• Across Ghana and Ivory Coast, climate change, illegal mining, cocoa industry woes, and a devastating disease known as swollen shoot have conspired to end West Africa’s cocoa supremacy.
• In Ivory Coast, 30% of cocoa plantations are infected by swollen shoot disease. Upto 600,000 hectares under Cocoa in Ghana are infected, too.
• The crisis in West Africa is offering opportunity to Ecuador, Brazil and Peru to become global cocoa production titans.

A double whammy of a devastating disease coupled with unchecked gold mining activities has set up a storm that is fast threatening to kill West Africa’s Cocoa supremacy.

For decades, Ghana and the Ivory Coast have held the mantle of titans in the cocoa world, jointly supplying over 60 per cent of the beans’ global demand. However, this year’s poor harvest as noted by an exclusive piece by Reuters, could spark a seismic shift in the cocoa production industry, …

• Kenya’s equity market has received an upgrade on its classification by the FTSE Russel Index from “Restricted’ to “Pass” on the repatriation of capital and income.
• This development partly indicates that Kenya is now a maturing market, characterised by increased transparency, liquidity, and a growing investor confidence.
• Across Africa, data shows that an estimated $700 million was reported held in 11 African countries, with Nigeria accounting for the lion’s share.

FTSE Russell, a global provider of analytics, benchmarks and data services, has endorsed the Nairobi Securities Exchange Plc (NSE), ushering a new era in Kenya’s financial services industry. The NSE has announced that as of March 2024, the Nairobi bourse has been reclassified by the FTSE Russell Governance Board, moving from a “restricted” to a “pass” status.

This pivotal change is not just a mark of progress, but a move to underscore the resilience and strategic navigation of the Kenyan …

• As millions of people in Africa go to bed hungry today, tonnes of food will end up in landfills, too.
• A UN report identifies gaps in Africa’s retail and food service sectors, presenting a significant hurdle in fully understanding the scope of food wastage.
• The UNEP Food Waste Index Report 2024 identifies critical areas where action is needed to address the challenge in Africa.

An estimated one billion meals go to waste every day in Africa and across the world, the UNEP Food Waste Index Report 2024 reveals. The report, which shows food waste continues to hurt the global economy, adds that 783 million people were affected by hunger. In contrast, a third of the worldwide population suffered food insecurity in 2022.

• MTN is divesting its stakes in Guinea-Bissau and Guinea-Conakry to Telecel.
• The telco giant will now shift more focus on rising markets Ghana, Cameroon, Nigeria, and Cote d’Ivoire.
• With the exception of Cameroon, these three markets account for a combined 18.6% of the Group’s revenue.

South African tech heavyweight MTN has unveiled a key shift in its market strategy involving the divesture of its stakes in Guinea-Bissau and Guinea-Conakry businesses to Telecel.

This move is poised to mark a strategic change in bolstering MTN’s presence in Africa in what is perceived as stronger markets within the West and Central …

• Bassirou Diomaye Faye, a former tax collector, is Senegal’s president-elect.
• Faye has promised to embark on a fresh chapter in Senegal’s leadership following months of political violence and arrests of opposition leaders.
• Outgoing President Macky Sall has termed the outcome of Sunday’s vote, which saw his preferred candidate Amadou Ba defeated, a victory for Senegal.

Bassirou Diomaye Faye, a former tax collector, has promised a new chapter in Senegal’s future following his victory in the bitterly contested presidential election in Senegal held on Sunday.

Bassirou Faye, 44, was declared winner having rode on a wave of frustration among the young voters, who are grappling with a high rate of joblessness as well as deep concerns about the current state of governance in the West African country of 18 million people.

Speaking to the nation as president-elect on Monday, Bassirou Diomaye Faye, promised to embark on a fresh chapter in Senegal’s …