Browsing: Uganda

• Key reforms ranging from privatisation initiatives in Kenya to financial liberalisation in Ethiopia, are positioning East Africa as a prime destination for PE investment.
• In Uganda, upcoming oil production in 2025 is expected to increase PE activity, particularly in sectors and businesses that will benefit indirectly from the oil industry.
• Tanzania’s one stop facilitation centre introduced in 2023 seeks to streamline the investment process by integrating key authorities that issue permits and approvals.

East Africa is experiencing a surge in private equity (PE) interest, driven by a wave of government reforms that are reshaping the financial industry. Kevin Kimotho, East Africa Private Equity Leader at Deloitte Africa, has highlighted these developments in the firm’s latest Deloitte Africa Private Equity Confidence Survey 2024.

These reforms, ranging from privatisation initiatives in Kenya to financial liberalisation in Ethiopia are positioning East Africa as a prime destination for PE investment.

Currently, Kenya continues …

• DRC is grappling with a severe outbreak of Mpox, reporting over 1,000 new cases in just one week.
• This alarming surge has prompted health authorities in Africa to urgently request vaccines to combat the viral infection.
• Kenya, the DRC, Burundi, Rwanda, and Uganda are set to benefit from a donation of 50,000 doses of mpox vaccine as part of a global effort to check spread.

The Democratic Republic of Congo (DRC) is grappling with a severe Mpox outbreak, reporting over 1,000 new cases in just one week. This alarming surge has prompted health authorities in Africa to urgently request vaccines to combat what is increasingly seen as a growing threat on the continent. As the Mpox outbreak escalates, the need for international support has become more critical than ever.

The growing threat of Mpox in Africa

Mpox, a viral disease belonging to the same family as smallpox, is spreading rapidly …

• The EAC’s distribution sector is marred by systemic challenges, despite claims of a working free trade zone in the bloc.
• Stakeholders say that persistent bottlenecks hamper the flow of goods and services across the eight-member area.
• A recent EU-led EAC Peer-to-Peer Learning Conference sought to formulate a strategic action plan to address barriers limiting the industry’s growth and development.

The East African Community (EAC) is an eight-country strong regional free trade bloc in East Africa, by definition, it should mean easier movement or distribution of goods and services, but that’s only true on paper, the reality on the ground is quite on the contrary.

EAC maintains that it is “dedicated to enhancing economic efficiency and fostering regional integration through strategic investments and the utilization of established industries. The goal is to position the Community as a single investment area, harmonizing trade policies, investment incentives, and product standards.”

Protocols demand that …

• Startups in Africa have attracted over $1.2 billion in financing this year.
• Experts note that debt financing for startups in Africa is increasingly taking centre stage.
• In July, startups d.light, Va1U, Terrapay as well as Cartona all settled on debt financing to boost operations.

Startups in Africa have defied the odds in declining global capital flow, attracting a record $420 million in financing in July. This funding, which excludes exits, takes to $1.2 billion the amount of money channeled to startups in Africa this year and is the highest on record in 14 months.

“The numbers were heavily skewed by the two mega deals that were announced during the month: d.light’s $176 million securitisation facility and MNT-Halan’s $157.5 million raise. NALA’s $40 million Series A also deserves a mention. Combined, these three deals represent 90 percent of the funding raised,” an update by startup funding tracker, Africa: The Big Deal…

• This year, Watu is set to introduce 10,000 electric motorbikes in Kenya, Tanzania, and Uganda.
• Watu has committed to enhancing its electric vehicle funding portfolio to 40 percent in three years and to finance the acquisition of 500,000 electric motorbikes by 2030.
• The firm has entered into a partnership with Uganda-based GOGO Electric, to power the design and development of Africa’s first fit-for-purpose electric boda bike.

As the global call for the protection of the environment grows louder, the need for individuals, companies, and governments to promote sustainable development such as the adoption of green mobility solutions is gathering pace.

In East Africa, a market of over 300 million people, extreme weather conditions partly worsened by global warming have seen the area swing between devastating drought and deadly floods.

Increasingly, however, investors are collaborating to change the tide. One of the pioneers seeking to play a critical role in checking …

• Ashden says these trailblasers, armed with groundbreaking technologies and innovative solutions, stand at the forefront of the battle against global warming.
• Climate charity Ashden has called for financiers, investors, and policymakers worldwide to step up support for proven climate solutions that hold the keys to our sustainable future.
• The Ashden Awards recognise inclusive solutions that deliver a wide range of benefits, from new jobs to community resilience and lowering emissions.

In an era marked by increasing environmental crises and the relentless march of climate change, the call for innovation has never been more urgent. Climate charity Ashden has called for financiers, investors, and policymakers around the world to step up support for proven climate solutions that hold the keys to our sustainable future.

These trailblasers, armed with groundbreaking technologies and innovative solutions, stand at the forefront of the battle against global warming.

Speaking at the 2024 Ashden Awards ceremony, Ashden …

• Google is rolling out Umoja cable, the first-ever fibre optic link directly connecting Africa with Australia, aiming to enhance global digital infrastructure and foster economic growth.
• The Umoja project, developed in collaboration with Liquid Technologies, will improve connectivity and drive digital inclusion across Africa.
• This initiative is part of Google’s long-term commitment to Africa’s digital transformation, with investments in infrastructure, cybersecurity, and AI innovation to support growth.

In a deal set to revolutionize digital connectivity across continents, tech heavyweight Google has announced the launch of Umoja, the first-ever fibre optic link directly connecting Africa with Australia. This project is poised to enhance global digital infrastructure, foster economic growth, and drive digital inclusion on a new level scale.

The Umoja cable, anchored in Kenya, will traverse a diverse array of African countries, including Uganda, Rwanda, the Democratic Republic of Congo, Zambia, Zimbabwe, and South Africa, before crossing the Indian Ocean …

• Xente, co-founded by Francis Nkurunungi, is a fintech platform that streamlines business payments, collections, and financial operations.
• Targeting medium to large enterprises, Xente offers a digital wallet and integrates with systems like VISA to facilitate secure, efficient transactions and manage financial documents in one place.
• Currently, the startup has onboarded over 500 businesses in Uganda and plans to expand rapidly into Kenya, Tanzania, Nigeria, and Ghana.

When you think about the next big thing in fintech, your mind might drift to Silicon Valley or China. But Francis Nkurunungi, the COO and Co-Founder of Uganda-based fintech Xente, wants to change that perspective. He believes that Africa is the next frontier for technological innovation and investment.

At the sidelines of the 13th edition of the AIM Congress 2024 in Abu Dhabi, Francis shared Xente’s entrepreneurial journey, the opportunities and challenges they face, and their ambitious plans for the future. This is …

• Founded in Uganda, Famunera is a tech-driven startup that digitizes agribusiness operations, providing farmers, cooperatives, and agribusinesses with easy access to financing, market access, and supply chain traceability.
• Initially a B2C model for farm inputs, it transitioned to a B2B platform to address the unique financing needs of agribusinesses.
• With growing presence in the UAE, and the Netherlands, Famunera has onboarded over 1,000 agribusinesses and indirectly employed over 50,000 farmers.

Imagine a world where farmers from Uganda can seamlessly connect with agribusiness financiers in the United Arab Emirates (UAE), while cooperatives in the Netherlands can procure produce from African farmers without the usual hurdles of financing and market access. This vision is no longer a far-off dream but a reality, thanks to Famunera, an innovative agribusiness startup.

Famunera, founded by Naika Enock Julius in 2016, is on a mission to transform the global agribusiness scene. By leveraging technology, Famunera is …