1. PSTNET

• Uganda’s diaspora remittances have seen 13.4% jump, reaching $1.42 billion.
• Remittances continue to outshine foreign direct investment and official development assistance as the primary source of external finance for low and middle-income countries.
• Economies are leveraging diaspora remittances through innovative financial instruments such as diaspora bonds and policies aimed at financial inclusion to enhance their impact on development.

Diaspora remittances from Ugandans living and working abroad increased by 13.4 per cent in the 12 months ending January 2024. This surge, as reported by the Bank of Uganda’s Executive Director of Research, Mr. Adam Mugume, highlights the increasing role of diaspora inflows in the nation’s economy, reaching $1.42 billion, up from the previous $1.25 billion.

Such growth underscores the essential contribution of the Uganda’s diaspora remittances amidst a challenging global financial landscape.

Globally, remittances have emerged as a critical source of external finance for low- and middle-income countries (LMICs), overshadowing foreign …

• AfDB grant aims to enhance Burundi’s productivity by four to five times and bolster agro-processing for increased domestic and export food availability.
• It also promises significant economic diversification, creating jobs, improving food security and nutrition, and strengthening regional trade.
• This investment can help safeguard the livelihoods of countless farmers against the increasing unpredictability of weather patterns due to climate change.

The African Development Bank (AfDB) has announced $80 million grant to bolster Burundi’s agricultural sector and transform the nation’s agricultural industry.

AfDB’s Director General for East Africa, Nnenna Nwabufo, revealed this financial pledge after meeting with Burundian Prime Minister Gervais Ndirakobuca in Bujumbura. This funding is poised to multiply the sector’s productivity by four to five times, with a keen focus on enhancing agro-processing capabilities to not only increase the availability of food within Burundi but also boost its export potential.

The collaboration between the AfDB and the Burundian government …

• Remittance inflows amounted to $385.9 million in February, compared to $309.2 million in February 2023, an increase of 24.8 per cent.
• The cumulative inflows for the 12 months to February 2024 totaled $4.33 billion compared to $4.03 billion in a similar period in 2023, an increase of 7.5 per cent.
• The US remained the largest source of remittances to Kenya, accounting for 54 per cent in February 2024.

Remittances to Kenya continued on a growth trajectory in February, latest Central Bank of Kenya (CBK) data shows, as easing inflation in the United States saw the country maintain its position as the leading source of inflows.

This comes amid a positive projection for the year where World Bank has forecast a 2.5 per cent increase on inflows to Sub-Saharan Africa, with Nigeria, Ghana and Kenya as leading recipients in the continent.

Remittance inflows in Kenya amounted to $385.9 million in February, …

• Proponents say this push embodies a broader vision for a politically impartial and more inclusive global financial ecosystem.
• Observers however question whether blockchain currency can survive under the often fractious BRICS bloc.
• Not long ago, the BRICS bloc unveiled plans to introduce the New Development Bank, an idea that remains largely unclear.

The push to redefine the contours of global economics has taken a new turn following a deal by the BRICS bloc—Brazil, Russia, India, China, and South Africa—along with recent members Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE), to pioneer a blockchain-backed currency.

BRICS is setting the stage for the launch of a blockchain-powered currency and payment system, an initiative that is poised to take on the hegemony of the US’ King dollar that has held the global financial system by the jugular for decades.

Decentralized Financial Revolution: A Leap Forward

Central to this ambitious endeavor …

• AfDB has okayed $16 million to power The Gambia’s Agriculture and Food Security Project, aimed at enhancing food security and the incomes of vulnerable populations.
• This funding will expand the cultivation of climate-resistant crops, increasing agricultural productivity and benefiting over 18,000 small-scale farmers, especially women and youth.
• Beyond agricultural development, the project incorporates social security, nutrition, and gender equality initiatives, including expanding school nutrition programs for over 203,900 pupils.

A total of $16.08 million is set to enhance production for millions of people employed in Gambia’s agriculture value chain. This follows a move by the African Development Bank Group (AFDB) to approve the fresh funding allocation to enhance the Gambia’s food security initiatives.

The country’s ambitious Agriculture and Food Security Project, initiated in 2021, received the financial support on March 4. With this injection of funds, The Gambia is poised to make significant advancements in its agricultural sector, with a …

• Acquisition at undisclosed value deepens the US firm’s HR infrastructure, and fuels direct and indirect global expansion and reach.
• PaySpace offers payroll engines and HR services across 44 countries in Europe, Latin America, the Middle East, and Africa markets.
• PaySpace is serving more than 14,000 customers, including multinationals Heineken, Coca-Cola Beverages, and Puma Sports SA.

American Global HR payroll engine provider Deel is acquiring African-based payroll and HR services firm, PaySpace, a move that will see the former solidify its position as one of the biggest entities in the human resource management segment internationally.

This acquisition, which has been done for an undisclosed amount, marks one of the company’s largest acquisitions to date, the company said even as it edges closer to having a presence in over 100 countries.

CTECH estimates the transaction to be valued at approximately $100 million. This news comes on the heels of the firm’s …