Browsing: Malawi

• Tanzania, Malawi, and South Africa have entered into talks with a view to end a devastating trade war.
• Malawi, South Africa ease trade restrictions as Tanzania lifts retaliation ban on transit goods.
• Countries reaffirm their commitment to strengthening trade, and fostering economic cooperation.

Tanzania and Malawi have finally come to an amicable end to their trade war with authorities in the two countries burying the hatchet after bilateral discussions. The talks resulted in a Simplified Trade Regime Agreement (STRA) that covers South Africa, a regional trade powerhouse that was also caught in the line of fire between the two nations.

In a media communique released at the start of this month, Tanzania’s Minister of Agriculture Hussein Bashe said previously instituted restrictions have now been suspended.

He said the two countries have reaffirmed a shared commitment to strengthening trade, fostering economic cooperation, and resolving what he described as ‘existing issues.’

The …

• Coca-Cola’s new production line uses artificial intelligence (AI) to proactively identify and resolve issues before they cause stoppages.
• New plant has the capacity of producing 19,200 bottles per hour in pack sizes ranging from 300ml to two litres.
• This increase in production will facilitate the export of beverages to neighbouring markets including landlocked Zambia.

Coca-Cola is set to enhance its Soft drinks production capacity in Malawi with the investment of a new $14.9 million bottling plant. In the company’s market update, the new investment seeks to set up a state-of-the-art production line in the Southern African country’s capital Lilongwe.

According to Coca-Cola Beverages Africa Proprietary Limited (CCBA) CEO Sunil Gupta, “This investment in Malawi reaffirms the Coca-Cola system’s local approach, we produce locally, distribute locally and, where possible, source locally. Our value chain includes a significant number of businesses, many of them small and medium enterprises (SMEs).”

“This investment goes …

• Mukuru has launched a new mobile wallet in Malawi to enhance international transfers and boost financial access, particularly for underserved and unbanked communities.
• The Mukuru Wallet features two pockets, Nyanja and Moyo, designed for domestic and international money transfers, with added benefits like no cash-out fees and interest on savings, promoting financial inclusion.
• The wallet is part of Mukuru’s digital transformation strategy, empowering Malawians to participate in the digital economy and modernizing financial services across the country.

Mukuru, a financial services platform popular for its world-class fintech solutions, has made a strategic leap in Malawi by launching its innovative mobile wallet, the Mukuru Wallet. This marks a significant milestone in the company’s mission to enhance financial access and streamline international transfers, particularly for underserved communities.

By offering a secure, efficient, and accessible way to manage funds, the wallet is poised to transform Malawi’s financial landscape.

Expanding financial access through innovation

• This funds will support an estimated 235,000 households in Malawi’s Lower Shire and Southern regions.
• The ongoing El Niño phenomenon in Malawi is one of the worst on record that has wreaked havoc on families.
• By September 2024, a total of $62M in disaster risk insurance payouts will go to countries affected by El Niño in Southern Africa.

In the face of a roiling climate crisis, drought-hit families in Malawi have received a lifeline in the form of a $11.2 million insurance payout. This critical support, facilitated by the African Risk Capacity (ARC) Group and the African Development Bank (AfDB), aims to help Malawi recover from the devastating effects of a severe drought brought on by the 2024 El Niño weather pattern.

The funds will help provide much-needed relief to hundreds of thousands of households across the Southern African country, highlighting the urgent need for proactive climate risk management strategies …

• As national debts grow, many African countries find themselves spending more on debt than on health.
• IMF says the debt ratio in Sub-Saharan Africa surged to 60% from 30% of the countries’ GDP between 2013 and December 2022.
• Kenya is for instance using nearly 60% of its annual revenues on paying debt obligations.

As the Africa debt crisis roils, over half of the countries have found themselves spending more money in servicing their loan obligations than even the amount they have budgeted for health services to their citizens.

This unfolding scenario is further burdening millions of their citizens who have little choice but to shoulder heavy tax burdens to settle mountains of debt.

Prof Danny Bradlow, a Senior Research Fellow at the Centre for the Advancement of Scholarship in Pretoria, South Africa, captures the dire situation, stating: “over the  last three years (2019/22), more than 25 African governments allocated …

• Zimbabwe is the worst hit in Africa with food inflation at 26% YoY, followed closely by Egypt at 18%, Malawi at 9%, and Guinea at 7%.
• The persistent weakness of the Zimbabwe dollar has been a driving force behind the steep price growth throughout 2023.
• Real food inflation, calculated as the difference between food inflation and overall inflation, provides a dire picture of the strain on households’ budgets in these countries.

The economies of Zimbabwe, Egypt, and Guinea are facing significant challenges due to soaring food inflation, placing them among the top 10 countries globally most affected by this roiling crisis.

According to the World Bank’s February 2024 update, Zimbabwe leads the pack in Africa, with food inflation at a staggering 26 per cent year-on-year, followed closely by Egypt at 18 per cent and Guinea at 7 per cent.

Real food inflation, calculated as the difference between food inflation …

• Airtel Africa CEO Olusegun Ogunsanya has retired and will be replaced by Sunil Taldar, the new Managing Director and CEO.
• For the six months ending on September 30, the group reported a net loss of $13 million,
• Mittal further announced Ogunsanya’s post-retirement role as the Airtel Africa Charitable Foundation Chair.

Airtel Africa CEO set to retire

Airtel Africa PLC has announced that Chief Executive Officer Olusegun Ogunsanya will retire on 1 July 2024 and take an advisory role.

Ogunsanya, who joined Airtel in 2012, ran the Nigeria Operations of the Telecommunications and Mobile Money Company for nine years before he was appointed Chief Executive Officer of the Group in 2021.

He led the company to maintain double-digit revenue growth and deliver new products to its customers across the continent.

Building on the work undertaken during his time as CEO, including the launch of the Company’s first Sustainability Strategy, and given …

• They will also receive comprehensive mentorship and coaching as part of a 12-month accelerator program.
• This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, IoT among others.
• The winning ventures, led by women from across Africa, focus on sectors affected by climate change.

African enterprises have triumphed in the 2023 YouthAdapt challenge, with eight dynamic women-led businesses securing victory. Each of these enterprises is set to receive grant funding of up to $100,000.

They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative has provided more than $5 million to 33 young entrepreneurs from 19 African nations.

Jointly organised by the African Development Bank Group (AfDB) and the Global Center on Adaptation, supported by the Africa Climate Change Fund, YouthADAPT is …

• Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million to expand into five new African markets to increase insurance penetration in markets characterized by low uptake.
• Company Founder and CEO Adelaide Odhiambo says the investment would be raised over the next three years.
• The insurer is partnering with Mobile Network Operators and banks to distribute affordable micro-insurance products, with plans to enter Uganda, Nigeria, Ethiopia, Malawi, DRC, Tanzania, Rwanda, and Zambia.

Kenya’s Bluewave Insurance Agency has announced plans to raise $6 million as the firm seeks to expand into five new African markets, aiming to increase insurance penetration in regions characterized by low uptake. Adelaide Odhiambo, Founder and CEO of Bluewave Insurance Agency, stated that the investment would be raised over the next three years to support the expansion plans.

Bluewave Insurance Agency’s new target markets

The company has forged partnerships with large aggregators, specifically Mobile Network Operators …

The Vodafone Foundation has set aside $6 million to extend the successful m-mama maternal health initiative to Malawi over the next five years. This expansion aims to enhance maternal and newborn healthcare access in Malawi and the region. Malawi has one of the highest maternal mortality rates in the world. Estimates show that the country currently records 5.7 maternal deaths per 1,000 live births.…