Browsing: Africa

With the growth of online banking and online currencies in Africa, the industry of financial technology has seen a growth of over 60% in the past years. Following up a surprising growth, the industry also managed to raise over $320m USD at the same time.

Investment in African Fintechs nearly quadrupled in 2018 to $357m USD, with startups in Kenya, Nigeria and South Africa accounting for the largest share, according to The Mobile Economy, Sub-Saharan Africa 2019 report from the GSM Association.

MTN announced in July that it had been granted a full Super Agent Licence in Nigeria for its Yello Digital Financial Services Limited subsidiary. This will enable the scale launch of MTN Nigeria’s Fintech strategy. Enabling it to convert its existing airtime agents, and recruit other small businesses, to distribute financial services. MTN’s group CEO Rob Shuter told Forbes correspondents earlier this year that “mobile will be at …

Presidents Uhuru Kenyatta and Yoweri Museveni (Uganda) have agreed to promote sustainable peace and development along the two countries’ borders, in a latest pact signed by the two East Africa states.

The programme dubbed Cross-Border Sustainable Peace and Development seeks to end hostilities among the three neighbouring communities and enhance development in the region by promoting non-violent interactions and collaborations.

The three communities are Turkana, Pokot and Karamojong which live along the Kenya-Uganda border.

The UN-supported intervention that will be led by a ministerial committee co-chaired by Kenya and Uganda will be implemented in the region to reduce tensions resulting from access to shared resources such as water and pasture.

Speaking during the launch ceremony in Moroto town, President Kenyatta welcomed the agreement saying it will help spur development in the region which has for many years suffered unnecessary communal conflicts.

“This programme, in cooperation with the UN, is a …

Leading financial and environmental institutions, United Nations, multinationals and sustainability campaigners on Thursday gathered in Nairobi to hold the inaugural Africa Summit to accelerate green and sustainable finance.

The forum being spearheaded by Standard Chartered Bank is meant to reflect on challenges and the opportunities that can help deliver sustainable development for Africa.

READ ALSO:China ; Africa Development Fund in Africa exceeds $10 billion

Speaking at the opening of the inaugural Summit themed – Transforming Africa into the next Global Growth Engine– Standard Chartered Bank Kenya CEO Kariuki Ngari said sustainable finance is now recognized as one of the megatrends shaping the future of global finance.

The forum was attended by key leaders among them Kenya’s Permanent Secretary Transport, Infrastructure, Housing, Urban Development and Public Works Esther Koimett,  Secretary-General of the United Nations Conference on Trade and Development (UNCTAD) Dr. Mukhisa Kituyi and Dr. Richard Munang, Coordinator …

Sub-Saharan African clothing and footwear market is worth $31 billion US dollars and growing. In a series of articles about the industry in Sub Sahara Africa, we will explore the policies, trade and the budding creative fashion industry in the region.

The African Fashion catchment

Africa drink, eat, and sleep fashion. The diversity of the culture of this huge continent ensures its almost 1.3 billion inhabitants wear or dream to wear certain clothing and apparel. With the population of the continent becoming younger by the day, the demand for fashion that sends a message and identity of an individual is becoming more relevant.

This diversity comes with its strengths and challenges. West Africa has a rich African infused fashion while East and Southern Africa has western influenced fashion and manner of dressing. Most of Northern Africa has a fashion industry dictated by middle eastern and Islamic culture.

Fashion is big …

The Standard Gauge Railway (SGR) project, is a railway under construction in Tanzania which was seeded in 2016, linking the country’s strategic regions and neighboring countries including, Rwanda, Uganda, Burundi and the Democratic Republic of Congo (DRC), the anticipated project with the line length of approximately 1,800 kilometers, intends to revolutionize mobility and distribution of commodities in Tanzania, through replacing the ineffective meter-gauge railway system.

The Turkish (Yapi Merkez)  contractor, is on the clock to bring to life the awaited transportation machine that, might transform Tanzania’s economy (for starters; production, labor supply, and consumption). Tanzania Railway Corporation (TRC), the state-owned railway company, oversees a strategic railway network of 2,561 kilometers length, of which is a 112-year-old German colonial transportation remnant. Running from Dar es Salaam (nation’s
business hub) to Kigoma, then having a north-south connection Korogwe to Ruvu. More than USD 1.2 billion has been attached to the project, which …

In late October, the Russian city by the Black Sea, Sochi will host the Russia-Africa Summit, co-chaired by President of the Russian Federation Vladimir Putin and President of the Arab Republic of Egypt Abdel Fattah el-Sisi, who also heads the African Union.

This is the first time such an event is being organized with growing interest from Moscow of trade, politics, and development of Africa, amid murmurs from US and allies on the role both Russia and China are playing in Africa.

The announcement which was made by Russia said special attention will be paid to the current state and prospects of Russia’s relations with African countries and to the expansion of the political, economic, technical and cultural cooperation.

Equally, it is planned to discuss a wide range of issues on the international agenda, including joint response to new challenges and threats, and the strengthening of regional stability. “At the …

Approximately 10% of Tanzania’s landmass is covered by freshwater.

This essentially means that nearly 4,868,424 million hectares of wetlands can generate billions of dollars in revenue earnings for the country if harnessed correctly. When looking at this in the greater context of East Africa, Tanzania is the leading country with the largest freshwater reserves, an economic advantage over its neighbors.

The Great Lakes region of East Africa, that encompasses Kenya, Uganda, Tanzania as the main countries, are currently undergoing dynamic changes with respect to various water demands occurring across the region.

Still, Tanzania remains to reap significant rewards. The Food and Agriculture Organization (FAO) place Tanzania to be an owner of 96. 27 km3 of renewable water resources per year, which corresponds to 2,266 m³ per person and year, despite being unevenly distributed over time and space, still these numbers give way more financial leeway to Tanzania’s economic …

Hong Kong is targeting investment and trade deals in Kenya in renewed effort to deepen its relations with the East Africa’s economic power house.

The Hong Kong Trade Development Council (HKTDC) this week led a delegation to Nairobi and Mombasa, eying investments in the Kenyan market.

It is keen to tap on investments under the government Public Private Partnership (PPP) initiatives, in a close collaboration with the Kenya National Chamber of Commerce and Industry (KNCCI).

The delegation which included ten leading companies held talks with the Kenyan business community and government in Nairobi and Mombasa, with KNCCI playing host during the six days visit that commenced on Monday.

Hong Kong companies are eying investments in Export Processing Zones (EPZ), export market, Special Economic Zones, logistics, real estate and trade.

READ ALSO:What Kenyatta secured at China Belt and Road Summit

Speaking during a Nairobi forum, KNCCI President Richard Ngatia encouraged …

Diageo has committed to invest £180 million (US$217million) in renewable energy resources across its African sites, the British multinational alcoholic beverages company has announced.

According to the world’s second largest distiller, the move is to ensure its breweries are the most carbon and water efficient.

This commitment represents Diageo’s largest environmental investment in a decade confirming its commitment to reducing its carbon footprint and addressing climate change.

READ ALSO:How KBL’s water savings are quenching communities’ thirst

The investment will touch 11 of Diageo’s African brewing sites where it will deliver new solar energy, biomass power and water recovery initiatives.

It is also targeting to bring new infrastructure designed to improve the long-term sustainability of Diageo’s African supply chain in seven countries.

“We believe this is one of the biggest single investments in addressing climate change issues across multiple sub Saharan markets. It demonstrates the strength of our commitment to …

Leading electronic financial services company NilePay PLC has partnered with Zain South Sudan to launch the first licensed mobile money service in South Sudan.

Dubbed ‘NilePay Mobile Money’, the service is expected to deepen financial inclusion in the country.

The partnership is geared towards eliminating significant barriers that have hindered consumers in the country from taking full advantage of global eCommerce.

“NilePay Mobile Service’s partnership with Zain South Sudan is part of the company’s long-term strategy to enable eCommerce and digitize financial services across the country,” said Darius Mobe, Director, NilePay Mobile Money.

Most people in South Sudan’s capital have been relying on unlicensed mobile operators to transfer money through platforms created by MTN Uganda and Kenya’s M-PESA.

“We are excited to have partnered with NilePay PLC to bring the mobile wallet services to the South Sudan market, which makes it more convenient and secure for users to withdraw …