Author: James Wambua

Nigeria’s November PMI rose to 49.6 from 46.9 in October, marking its fifth consecutive month below the neutral 50.0 threshold. This reading signals an ongoing deterioration in business conditions in Africa’s biggest economy. Rising energy prices, expensive raw materials, and a weak naira continued to drive substantial input price inflation. Nigeria’s private sector showed tentative signs of improvement in November 2024, as inflationary pressures eased slightly. However, steep price increases and subdued demand continued to choke businesses, pushing many to cut jobs and reduce purchasing activity. The headline Purchasing Managers’ Index (PMI) rose to 49.6 from 46.9 in October, marking…

Six African nations ranked among the top 10 globally for money laundering and terrorism financing risk by the 2023 Basel AML Index. Another 11 African countries are grey-listed by the Financial Action Task Force (FATF), including Kenya, Tanzania, and South Africa. The overall economic ramifications of these crimes are staggering, from lost FDI to widespread inequality. Money laundering, corruption, and terrorism financing are no longer hidden threats—they are destructive forces ravaging Africa’s economies. With six African nations ranked among the top 10 globally for money laundering and terrorism financing risk by the 2023 Basel AML Index, the scope of the…

The AI analyzes customer transaction histories, product interactions, and other data points to provide real-time summaries. This has reduced the average response time for customer inquiries by 2.5 minutes and freed up over 5,000 customer service hours per month. Bboxx-AWS partnership marks one of the first instances of an African business adopting generative AI at this scale. Bboxx, a platform unlocking access to clean energy and digital products across Africa, has partnered with Amazon Web Services (AWS) to integrate generative artificial intelligence (GenAI) into its operations. This collaboration is poised to position Bboxx as a pioneer in using advanced AI…

AfDB slaps 12-month sanctions on China Railway Construction Engineering Group over scandal involving Tanzania’s Msalato International Airport Project. The hit stems from findings by AfDB, which uncovered fraud in the company’s bid for phase one of the airport project. However, the firm remains eligible to participate in AfDB-funded projects during the penalty period provided it adheres to strict compliance measures. The African Development Bank Group (AfDB) has placed China Railway Construction Engineering Group under a 12-month conditional non-debarment following a fraud investigation linked to Tanzania’s Msalato International Airport Project. This decision, effective from November 7, 2024, stems from findings by…

With Acumen’s boost, d.light will speed up operations in Uganda, where about 2M people will access electricity for the first time. By selling customer receivables to Brighter Life by d.light (BLd) upfront, d.light subsidiaries now have immediate cash flow, enabling them to scale at speed. This funding model not only supports financial sustainability but also mitigates currency risks by conducting transactions in local currencies. For solar-power equipment provider d.light, the journey to lighting homes across East Africa with reliable green energy is fast gaining momentum. In the latest move, d.light has received a $5 million investment from Acumen’s Hardest-to-Reach (H2R)…

Food security, livelihoods, and economies are threatened as extreme weather conditions hit Africa hard. Citizens are now calling for bold action from their governments and the global community to combat this worsening crisis. Over 82% of Africans advocate for measures to protect communities against extreme floods, droughts, and environmental degradation.  As climate change tightens its grip, the African continent is bearing the brunt of extreme weather conditions that have profoundly impacted food security, livelihoods, and economies. A recent Afrobarometer survey paints a stark picture of the hard reality for millions of Africans: worsening droughts and crop failures are threatening their…

An INTERPOL cybersecurity operation that has arrested 1,006 suspects and the busting of 134,089 cybercrime networks in Africa underscores the urgent need for banks to fortify their cybersecurity defenses. The probe identified 35,000 victims, with cases linked to nearly $193 million in financial losses. This exposure invites the question: Are banks in Africa prepared to counter the threat of cybercrime? The fintech revolution sweeping across Africa’s economy is reshaping banking systems, offering millions of people unprecedented convenience and access to financial services. However, as banks and other financial services institutions embrace innovation, they must contend with a new and evolving…

Fintech Raenest will be the key sponsor of the seventh edition of Africa Tech Summit Nairobi in February 2025. The a B2B Summit, expo, and awards forum projects to attract over 2,000 industry leaders, corporates, investors, and global delegates. Conference will feature four key track themes: Africa Money & DeFi, Africa Climate Tech & Investment, Africa Startup, and the Africa Mobile & App segments. For the second year in a row, Nigerian fintech heavyweight Raenest is set to headline the Africa Tech Summit 2025 edition, reaffirming the company’s commitment to fostering growth, and collaboration in Africa. According to the organizers,…

Organic farming offers an alternative that leverages locally available farm inputs to drive crop yields.  By using compost, mulching, and integrated pest control, smallholders in Zimbabwe are cutting costs and overreliance on external inputs. Smallholder farmers are gaining valuable skills in organic practices through partnerships with entities such as the Fambidzanai Permaculture Centre. In recent years, Zimbabwe has experienced a steady rise in organic agriculture as a sustainable alternative to conventional farming. Facing food security challenges exacerbated by climate change, erratic weather patterns, and limited access to fertilizers, Zimbabwean farmers have turned to organic methods as a solution. Organic agriculture,…

Green building in Uganda is gaining traction with several standout projects showcasing sustainable design and construction. Uganda’s green building strategies are rooted in a few key principles, key among them, energy efficiency, biodiversity preservation and use of sustainable materials. Projections by the IFC show that investment in green buildings in emerging market cities will hit $24 trillion over the next 10 years. Uganda is making a stab at establishing itself as a leader in green urbanization in East Africa, leveraging policies such as the Uganda Green Growth Development Strategy (UGGDS). This development blueprint aims to integrate key aspects of sustainability…