Author: James Wambua

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…

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…

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…

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…

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…

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…

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…

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…

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,…

South African rating agency GCR has upgraded Shelter Afrique Development Bank’s global scale long issuer rating to B from B- and affirmed a stable outlook. Additionally, GCR has upgraded the national scale issuer ratings for Kenya, Nigeria, and Mauritius, all with stable outlooks, while recognizing Shelter Afrique’s transition to a treaty-based entity and strategic efforts to address capital arrears. This transformation has improved the bank’s operational and financial performance, enhanced governance, and solidified its legitimacy and confidence among members. South African rating agency GCR, has upgraded Shelter Afrique Development Bank’s (ShafDB) international scale long issuer rating to B from B-…