Author: James Wambua

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-…

Algeria tops countries holding airlines’ blocked funds in Africa at $261 million followed by countries within the XAF Zone that are trapping $140 million. Ethiopia has $115 million in blocked funds for airlines while its neighbour Eritrea is sitting on $75 million. Zimbabwe closes the top five countries with blocked funds at $69 million. Airlines across the world continue to struggle to repatriate their profits, with several African countries accounting for the bulk of blocked funds at $880 million. This amount, which represents 52 percent of the total $1.68 billion blocked funds globally continues to act as a hindrance to…

The top unserved routes identified by Airbus are in Africa’s biggest cities, Nairobi, Lagos, Cape Town, Dakar, and Douala. Despite significant traffic between certain city pairs, Airbus notes that some of these routes lack regularly scheduled non-stop flights. Overall, Airbus forecasts a 4.1% growth in air traffic over the next 20 years, resulting in demand for 1,180 new aircraft by 2043 across Africa. An analysis by global aviation giant Airbus has revealed several key unserved airline routes in Africa that could provide greater connectivity for travelers, and drive economic growth in the economies while offering fresh income streams for airlines.…

The EU-Kenya agreement will boost bilateral trade in goods, increase investment flows, and strengthen the ties between these partners. It is also expected to facilitate mutually advantageous economic relations sustainably, stimulating job creation and economic growth. The EU-Kenya EPA is the most ambitious deal negotiated with an African country in terms of sustainability and can serve as a template for other sustainable trade agreements. The activation of the EU-Kenya Economic Partnership Agreement (EPA) on July 1st, 2024, marks a historic moment in the growing economic relations between Kenya and the European Union. According to a statement from Kenya’s Ministry of…