• The AFAWA initiative seeks to increase women’s access to finance in the continent by bridging the $42 billion financing gap for women-led and owned small and medium enterprises.
• Since its inception just over two years ago, the AFAWA initiative has already approved $1.2 billion in funding for women-led enterprises in 32 African countries.
• Previous AFAWA Finance Series have been held in Tanzania, the Democratic Republic of the Congo, Ghana, Angola and Nigeria.

The African Development Bank through its Affirmative Finance Action for Women in Africa (AFAWA) initiative, in partnership with African Guarantee Fund (AGF) and in collaboration with the Office of the President’s Advisor on Women’s Rights, have inaugurated the 6th edition of the AFAWA Finance Series in Nairobi, Kenya.

In a three-day event themed “Enhancing Financial Inclusion for Women”, that ended on 23rd November, the initiative seeks to revolutionise the financial landscape and foster an enabling environment for women …

• Economic experts have a bearish forecast on the US dollar, citing that it is  likely to “consistently weaken” throughout 2024 as the US Federal Reserve winds up its aggressive stance.  
• The prediction comes despite the ongoing big dollar sell off where asset managers are selling the currency at the fastest pace in a year. 
• This is positive news for emerging and frontier markets, as they can start to see global funds and investors redirect capital back to these markets which have been starved of inflows for months. 

Economic experts are making a bearish forecast against the US dollar, predicting that it is likely to “consistently weaken” throughout 2024 as the US Federal Reserve concludes its aggressive interest rate hiking agenda.

Nigel Green, CEO of the DeVere Group, states that this prediction persists despite the ongoing significant dollar sell-off, where asset managers are selling the currency at the fastest …

Ahead of COP28, the UN’s International Fund for Agricultural Development (IFAD) is calling on leaders across the globe to shift gears and drastically and urgently scale up climate finance for small-scale farmers and small agribusinesses, who produce one-third of the world’s food and up to 70 per cent of the food in low- and middle-income countries. Many of these farmers are grappling with the negative impacts of climate change.…

• World Bank foresees $12 billion in support for Kenya between 2023 and 2026.
• This financing is subject to approval as East Africa’s economic powerhouse continues to depend on borrowing to bridge budget gaps in the wake of high recurrent expenditures and revenue shortfalls.
• The World Bank said it is fully committed to support Kenya in its journey to become an upper-middle-income country by 2030.

Kenya stands to benefit from up to $12 billion in financing from the World Bank over the next three years, as indicated by the global lender, ensuring continued support for the debt-saddled country.

This is subject to approval, the World Bank noted on Monday, as East Africa’s economic powerhouse continues to depend on borrowing to bridge budget gaps in the wake of high recurrent expenditures and revenue shortfalls. The World Bank stated that it is fully committed to supporting Kenya in its journey to become an …

• Equity Group anticipates regulatory changes, currency fluctuations, and the broader economic repercussions of global events as obstacles in the future.
• However, the regional lender looks well-positioned to overcome these obstacles due to its robust capital base, diversified business model, and continuous digital transformation.
• Analysis shows that industry-specific factors, market sentiment, and macroeconomic conditions may be exerting an impact on the stock’s performance.

Amidst the ongoing repercussions of the pandemic and geopolitical unrest on a global scale, Equity Group Kenya, arguably the largest financial institution in East Africa, has exhibited exceptional fortitude and expansion during the three months ending September 30, 2023.

In spite of the tough economic climate characterized by inflationary forces and disruptions in the supply chain, Equity Group has disclosed a consistent upward trend in its fundamental financial indicators. An important growth driver has been the bank’s emphasis on digital innovation and customer-centric services, which have significantly …

• Egypt’s entry is a huge step forward for Cellulant, which now offers a full suite of payment services throughout 35 African regions and integrates over 370 different payment methods.
• Cellulant has raised a total of US$55 million to date, making it one of the most heavily backed fintech startups in Africa and allowing it to support its ambitious expansion plans.
• CEO Ahmed Marwan says with over 40% the adult population in Egypt using prepaid cards and mobile wallets, the acquisition of these licences positions Cellulant to further streamline payment options for businesses.

Kenyan Fintech giant Cellulant, has announced its initial registration as a Payment Service Provider and Payment Facilitator in Egypt, a major development for digital payments in the Middle East and North Africa (MENA). This is a huge step forward for Cellulant, which now offers a full suite of payment services throughout 35 African regions and integrates more than …