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EIB’s Water Sector Fund invests €10 million to support innovative businesses in Africa and Asia
W2AF is a “water-focused” blended finance impact fund targeting sustainable and scalable solutions that improve access to safe, affordable drinking water for underserved populations, mainly in Sub-Saharan Africa and South and Southeast Asia.
MTN selects M&C Saatchi Abel as its global marketing partner
M&C Saatchi Abel was selected following a meticulous process for their expertise in fostering growth and enhancing brand value for multinational corporations.
[Zoom Event, April 11 2024] Global Strategies for Success in Africa: Overcoming FX and Payment Hurdles
This event explores the vast potential and unique challenges of expanding businesses in Africa, focusing on mastering international pitches, understanding cultural nuances, and crafting pitches that highlight unique value propositions.
Mastercard and Women Choice expand partnership to invest in women entrepreneurs
Women Choice - an international organization dedicated to advancing women's personal and professional development - launched the pilot cohort in 2023.The next cohorts will be participating in the new programs this year and will aim to impact 50,000 women.
[Webinar] Complimentary expert session for Telecom leaders and Startups in Africa, March 21
Designed for telecom leaders and startups, thia event offers invaluable strategies for expanding services, managing FX risks, enhancing cross-border payments, and establishing credibility in the international arena.
Xsolla unveils new payment methods for gamers in Africa
This move addresses the unique financial landscape of Africa, where a significant portion of the population, particularly in regions like Ghana and Uganda, remains unbanked.
IBM commits $45 million towards resilient cities
IBM also announced that it would increase investment in the pro-bono social impact program by 50%.
[FINTECH EVENT] Verto Atlas Product Launch, Lagos Continental Hotel, 29 February
Verto extends this invite to an exclusive, fireside gathering at the prestigious Intercontinental Hotel Lagos, as it unveils Verto Atlas, the financial powerhouse for large corporations and enterprises in Nigeria.
Canon and MindMe International partner to empower Kenyan youth through creative storytelling
This collaboration aims to empower marginalized communities through sustainable development, with a focus on fostering positive change in young individuals' lives.
Ethiopian Airlines and Citi Sign a $450 million loan agreement for five new aircraft
The loan will be secured against the value of the five planes and has been arranged exclusively by Citi’s Corporate Banking and Export Agency and Finance teams. It is guaranteed by the Export-Import Bank of the United States (EXIM).
Digital commerce in Africa to expand 25% per year by 2026, report
Africa has emerged as a frontier for the new online consumer class, representing an estimated 10 million new consumers in 2024 and trailing only Asia as a region. This is according to the new annual Beyond Borders digital payments and commerce report by EBANX
Vodacom, Safaricom hit 200 million subscribers
Vodacom Group’s subscriber base including Safaricom has now surpassed 200 million for the first time, having previously achieved 100 million customers in 2018.
15% of companies in the Middle East, Turkiye, Africa region do not train employees on IT
According to Kaspersky’s Business Digitization survey, only 29% of companies surveyed in the Middle East, Turkiye, and Africa (META) region organised training on cybersecurity for their employees.
[Open Webinar, Feb 1 2024] Cross-Border Finances: Enhancing Commodity Trade Across Africa
Tailored for CFOs, this event provides strategic knowledge to navigate international markets and enhance financial outcomes in the dynamic commodities sector. Don't miss this unique opportunity for CFOs to stay ahead in global commodity trading.
Global access solutions provider ASSA ABLOY acquires South African security communication equipment maker Amecor
ASSA ABLOY has signed an agreement to acquire Amecor (Pty) Ltd, a South African manufacturer of security communication equipment in the South African security market.
Critical infrastructure sees most cyber incidents due to lack of budget, report
18% of companies in the Middle East, Turkiye and Africa (META) region have experienced cyber incidents due to insufficient cybersecurity investment in the last two years, according to a recent study by Kaspersky.
Mastercard partners with CarbonSifr to advance climate action in MENA region
The innovation-driven partnership aims to equip small businesses in the region with innovative tools to measure, reduce and compensate for their carbon footprint.
[South Africa] Ninety percent of CEOs are waiting for GenAI to move past the hype, report
Seventy-one percent of global executives surveyed say they plan to increase tech investments in 2024—an 11-point jump from 2023—and even more (85%) plan to increase their spending on AI and GenAI.
23% of companies in the META region suffered from malicious actions by staff, report
A Kaspersky study found that in the past two years, 78% of companies surveyed in the META region have faced cyber incidents in different forms, 23% of which were caused by deliberate malicious behaviour by employees
CAF concludes extensive global TV-Broadcast agreements
CAF concludes extensive global TV-Broadcast agreements ahead of the kick-off of the TotalEnergies Africa Cup of Nations Côte d’Ivoire 2023.
[Open Webinar] Cross-Border Finances: Enhancing Commodity Trade Across Africa, Navigating Int'l Markets
Tailored for CFOs, this event provides strategic knowledge to navigate international markets and enhance financial outcomes in the dynamic commodities sector. Don't miss this unique opportunity for CFOs to stay ahead in global commodity trading.
Rwanda and European Investment Bank agree new critical raw materials investment partnership
The agreement will strengthen technical and financial cooperation to identify critical raw material sector investment that creates skilled jobs, supports economic development, and ensure environmentally and socially responsible development of critical raw material resources.
[Free Webinar] Accelerating FX Success: Expansion Strategies for Marketing Agencies in Eastern, Western Africa
This event is tailored for marketing executives and CFOs looking to gain actionable insights into international expansion, building a global clientele and establishing strong online presence.
[Free Webinar] Accelerating FX Success: Expansion Strategies for Marketing Agencies in Eastern, Western Africa
This event is tailored for marketing executives and CFOs looking to gain actionable insights into international expansion, building a global clientele and establishing strong online presence.
Tomorrow.io and MTN partner to deliver weather early warnings
Through this partnership, MTN’s vast customer base will be able to receive early warning notifications about severe weather events, generated through Tomorrow.io’s weather intelligence and Microsoft Azure.
[Column] Margaret Soi: The rise of the mass affluent in Africa and how banks can best respond to their needs
The purchasing power of Africa’s middle class is expected to grow significantly in the coming years: the continent’s middle class is expected to spend US$2.1 trillion by 2025 and US$2.5 trillion by 2030, thus creating a further upward momentum in the demand for goods and services.
47% of companies in the Middle East, Turkiye, Africa region plan to outsource cybersecurity, report
Company bosses are boosting their cybersecurity following an alarming increase in cyberattacks, a new study commissioned by Kaspersky has found.
Africa urges a spotlight on climate finance as the world heads to COP 28
The African Development Bank will mobilize financing for climate action at this year’s UN Climate Change Conference, COP28, and amplify Africa’s calls for robust commitments by wealthy countries to meet the continent’s urgent needs in addressing climate change.
[Kenya] AfDB commits over €101 million to boost access to electricity
The project will also benefit from a $13.17 million (€12.12 million) loan from the Canada-African Development Bank Climate Fund (CACF), administered by the Bank, providing long-term concessional loans for climate change adaptation and mitigation projects.
UNIDO and Orange partner to transform Egypt's mobile and network through circular solutions
The United Nations Industrial Development Organization (UNIDO) and Orange have joined forces to support over the next two years the establishment of a viable business model for high-quality standard secondary market of mobile devices and networks/IT equipment in Egypt.
[Free Webinar] Unlocking Success in New Markets: Cross-Border Payments Strategies for South African Businesses
Embark on a journey through the dynamic realm of international finance with our upcoming webinar, where we unravel the intricacies of global payment strategies essential for triumph in the finance sector.
[EVENT] Verto FX partners with UBA Kenya to launch Verto Atlas
Join us for an exclusive event launch, as we unveil Verto Atlas, the financial powerhouse for large corporations and enterprises in Kenya, hosted by Verto on Thursday 23rd November.
[Column] Michael Muhangi: Africa’s continental integration offers opportunities for cross-border expansion
With the gradual elimination of political, economic, and regulatory barriers has come a need for financial institutions to adopt a strong trans-regional focus.
Generative AI skills gap slowing down AI adoption EMEA region, report
Organisations in the EMEA region plan to embrace AI solutions but are slowed by a generative AI skills gap. This is according to a new report released by hybrid multi-cloud computing provider Nutanix.
Retailers are struggling to deal with ransomware attacks, Sophos report
After surveying 3,000 IT/cybersecurity leaders in organizations with between 100 and 5,000 employees (including 355 from the retail sector), across 14 countries in the Americas, EMEA and Asia Pacific Sophos found that only 26% of retail organizations this past year were able to disrupt a ransomware attack.
Western Australia to host 24th WTTC Global Summit after Kigali
During the closing session of the World Travel & Tourism Council’s (WTTC) Global Summit in Kigali, Western Australia was announced as the host for 2024, marking the first time the event will visit Oceania.
75% of healthcare organisations lose data to ransomware attacks, Sophos report
Cybercriminals successfully encrypted data in nearly 75% of ransomware attacks on healthcare organisations. This is according to the The State of Ransomware in Healthcare 2023 report released by cybersecurity firm Sophos.
Kenya among top countries receiving most DDOS attacks amid ongoing geopolitical unrest
Kenya has been listed among the top five countries hit by distributed denial-of-service (DDoS) attacks in the first half of 2023. Other countries include France, Germany, Italy, and Saudi Arabia
[South Africa] Companies acknowledge inadequate budgets to address the root cause of breaches, J2 Software survey
A recent survey revealed that 58% of organisations believe their budgets allocated to manage insider risks are insufficient to effectively mitigate the increasing costs and frequency of security incidents instigated by individuals within the organisation.
AfDB commits over $23 million to Rwanda’s new Aviation Centre of Excellence
The proposed Centre of Excellence for Aviation Skills (CEAS), including an aircraft hangar, will partner with higher learning institutions to produce a skilled workforce to meet global aviation training standards and industry demands.
The Eastern and Southern African Trade and Development Bank and ITFC sign MoU to promote trade between common member states in Africa
Under the MoU, TDB and ITFC will harmonize their efforts to provide robust trade finance solutions to better serve their respective Member Countries in Africa.
[Free Webinar] Global Payment Strategies for Shipping & Logistics: Empowering Seamless Trade
Join this insightful webinar that delves into the world of global payment strategies tailored to empower seamless trade within the shipping and logistics industry.
Global ad company Entravision enters into a global partnership with Pinterest
Entravision, a global advertising solutions, media and technology company serving clients across more than 40 countries, has entered into an international sales partnership with Pinterest, the visual inspiration platform.
Most consumers in Kenya likely to miss common fraud warning signs, Visa study
Despite being scam-savvy, a new study by Visa has revealed that most consumers in Kenya are likely to be at risk of becoming victims of fraud.
[Column] Anthony Mwangi: Functioning ORGWARE a panacea for Kenya economic transformation
The term describes the framework conditions for Information Technology (IT) projects that are neither part of the hardware nor software but are necessary to achieve the project goals.
[Free Webinar] Global Payment Strategies for Shipping & Logistics: Empowering Seamless Trade
In the rapidly evolving landscape of shipping and logistics, effective cross-border payment strategies have emerged as a critical driver of success. Join this insightful webinar that delves into the world of global payment strategies.
80% of SMEs in South Africa project similar or increased revenue in 2023, Mastercard report
From surviving to thriving in the post-COVID world, small and medium enterprises (SMEs) in South Africa are projecting similar or increased revenues in 2023.
[Column] Moses Anibaba: Building connections and opportunities for young Africans
The next generation is essential to the continent’s development and to global shared interests in creating a safer, healthier, and more prosperous future for us all.
Mobile threats in the Middle East, Turkiye, Africa region rise in Q2 2023
The number of mobile threat detections particularly in the Middle East, Turkiye, and Africa region increased by 5% in Q2 2023 compared to Q2 2022.
Mastercard partners with Alerzo to digitize SMEs in the Nigerian FMCG space
This partnership aims to empower businesses by offering digital payment solutions, financial training, and access to credit, ultimately leading to increased sustainability and success in the market.
[Column] Patrick Mweheire: Major investment drive sparks East African trade and development
East Africa is poised to unlock new pathways for trade, development and growth.
43% of employees in META region afraid of losing job due to lack of digital skills, report
Among those who think they are most likely to lose their job because of the lack of digital skills within the next 5 years are department heads (29%) and top managers (15%).
Modern trends in investment platforms: How technology is shaping our investment world
Let the power of AI drive your financial success and watch your dreams take flight.
Tagger Media expands into South Africa via partnership with Tribeez
Tagger Media, the global technology player making influencer marketing more intelligent, has announced its expansion into South Africa through an exclusive partnership with Tribeez, an influencer marketing and social intelligence agency based in Cape Town.
[Column] Dickson Naftali: Harnessing Africa’s youth population for inclusive growth
By empowering Africa’s youth and creating an enabling environment, we can transform the continent’s food systems and unlock its economic potential.
[South Africa] Financial Sector surpasses the National Average as Data Breach Costs Reach R73.1 Million
The average data breach cost for South African organizations reached R49.45 million in 2023 – an all-time high according to the IBM Security annual Cost of a Data Breach Report.
Nigeria trails South Africa and Kenya in Africa’s B2B payment revolution
Nigeria trails South Africa and Kenya in the development of key B2B payment processes across Africa, including the adoption of electronic bank transfers, speed of processing invoices and payment automation.
Afreximbank lends$155 million strategic facility to Djibouti Ports and Free Zone Authority
The African Export-Import Bank (Afreximbank) has announced the disbursement of a $120-million financing facility to Djibouti’s Great Horn Investment Holding (GHIH) for the execution of a series of development projects in the country’s Damerjog Industrial Development Free Trade Zone.
GIM-UEMOA joins Nexo Standards to simplify cross-border payments across West Africa
GIM-UEMOA brings together 145 members including banks, financial and postal institutions, microfinance structures, electronic money institutions and promotes electronic payment systems and means of payment to the banking and financial sectors.
Nigeria, Ethiopia swap $100m blocked airline funds
The Ethiopian and Nigerian central banks have agreed to swap funds trapped in their respective states, which will see Ethiopian Airlines (ET) recover up to $100 million trapped in Nigeria.
Kenya experiences 82% increase in cyber-attacks, Liquid C2 Cybersecurity Report
Cyber-attacks on Kenyan businesses increased by 82 percent according to a cybersecurity report released by Liquid C2, a business unit of Liquid Intelligent Technologies.
Africa to become the second-fastest growing region after Asia AfDB report
But the projected growth will depend on global conditions and the continent’s ability to bolster its economic resilience, the African Development Bank’s 2023 African Economic Outlook report has found.
Safaricom profits decline to Ksh.52.48 billion
Kenya’s leading telco Safaricom profits stood at Ksh.52.48 billion in the full year ended March 2023, down from Ksh.67.49 billion recorded in the previous period.
Africa had more than 270 million mobile apps users as of December 2022, report
As of December 2022, the total number of monthly active users of mobile apps in Africa exceeded 270 million, a 14% increase compared to the beginning of the year.
2023 AFRICA CEO FORUM to be held in Abidjan, Cote d’Ivoire
2023 AFRICA CEO FORUM to be held June 5-6 in Abidjan, Cote d’Ivoire to help shape Africa’s response to global crises
The driving forces: Major industries impacting the African economy
Despite the challenges it's facing, Africa is home to some of the world’s fastest economies. With a fast-growing population and a wealth of natural resources, it has become an attractive destination for investors to capitalize on its untapped potential.
Boomplay announces new ad options across African markets
Africa-facing music streaming and download platform, Boomplay has officially announced the roll-out of its partnership product offerings, allowing artists, brands and potential advertisers to optimize towards more precise exposure and visibility.
AfDB, European Union and France invest $300 million in Tanzania’s hydropower project
The funds will finance the construction of the 87.8-megawatt Kakono Hydropower Plant located in Kagera region in the northern part of Tanzania. The project also received a grant of EURO 36 million from the European Union.
Kenya lost Ksh 3.6 billion to cyber criminals in 2022, report
Kenya’s losses to cyber criminals reached Ksh 3.6 billion (USD 36 million) in 2022, compared to Nigeria and South Africa where they are nearly tenfold at Ksh 50 billion (USD 500 million) and Ksh 57 billion (USD 570 million) respectively.
AfDB, COMESA launch $1.5 million project to improve electricity regulation in the region
The African Development Bank (AfDB) and the Common Market for Eastern and Southern Africa (COMESA) have launched a new regional initiative to enhance the sustainability of the electricity sector in Eastern and Southern Africa through harmonized regulatory frameworks.
TerraPay raises $100 million in series B funding to expand global payments infrastructure
TerraPay, a global payments infrastructure company, has successfully closed its Series B equity financing round, raising in excess of $100 million in equity and debt financing.
AfDB approves $28.49 million grant to enhance Ghana’s universal electrification goal
The financing, which will come from the Climate Investment Funds (CIF)– Scaling Up Renewable Energy Program in Low Income Countries (SREP), will support construction of mini-grids, stand-alone solar photovoltaic systems and solar-based battery facilities for storing excess power, a practise known as net metering.
[Nigeria Business Week] Andrea Ayemoba: Investors bet on fintechs, startups
The past couple of weeks have seen a flurry of activities in several sectors of the Nigerian economy. Startups are receiving increasing financial backing from VCs for the growith of SMEs.
[ChatGPT Biography] Tayo Oviosu, founder of Paga
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Jason Njoku, Founder iROKOtv
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Mo Ibrahim, Founder of Celtel International
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Ashish Thakkar, Founder Mara Group
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Isabel dos Santos, Founder of Banco BIC
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Strive Masiyiwa: Founder of Econet Wireless
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[ChatGPT Biography] Mike Adenuga, Founder of Globacom
Artificial Intelligence is taking the world by storm. As an experiment, Africa Business Communities is publishing a series of 100 biographies of the most successful entrepreneurs in Africa. We only ask the questions and let ChatGPT write.
[Interview] Fedir Ted Martynov, CEO, CARMACHAIN, Nigeria
Ted Martynov leads CARMACHAIN, a fintech outfit operating in Nigeria that enables credit data for lenders in markets underserved by credit bureaus.
[Nigeria Business Week] Andrea Ayemoba: Digitization on all fronts, tech takes the lead
There is an obvious, increasing amount of technology awareness, and appeals for more extensive technology trainings in Nigeria.
[East Africa Business Week] Bob Koigi: What the entry of Somalia to the EAC means for region
This week, The East African Community (EAC) officially launched the verification mission to assess the Federal Republic of Somalia’s readiness to join the Community.
[East Africa Business Week] Bob Koigi: Improving business competitiveness in the region: The case of TradeMark Africa
As it rebrands to TradeMark Africa, TMA, in its bid to grow its continental footprint, aid for trade institution formerly known as TradeMark East, boasts of having made a lasting mark in East Africa where it has operated for over ten years.
[Interview] Chris Okoro, CEO, Eunisell Interlinked, Nigeria
Chris Okoro is an entrepreneur and business strategist skilled in the Financial Services and Engineering sector. He's currently the Managing Director and CEO of Eunisell Interlinked Plc., Nigeria.
[Nigeria Business Week] Andrea Ayemoba: 2022 statistics outline Nigeria's economic status quo
Despite all the setbacks plaguing economies the world over, Nigeria’s GDP for 2022 is projected to be north of $500billion, the largest in Africa. All eyes are now turned to what these next 12 months could bring Africa’s largest economy.
[Column] Givemore T. Chiwanza: How has the Russia-Ukraine crisis affected Africa?
This Ukraine crisis escalated on 24 February 2022 and has tremendously impacted the global socio-economic terrain. The situation has and will continue to affect the African continent's financial system and food and energy security.
[East Africa Business Week] Bob Koigi: Enhancing regional digital integration
As East Africa seeks to become a more deeply integrated and dynamic digital investment, innovation, and growth hub, it is exploring initiatives and partners to help it drive that agenda as it seeks to boost its competitiveness as an investment hub.
[East Africa Business Week] Growing the region’s investment portfolio
In the last week, a series of investments across East Africa have been unveiled by corporates, banks, multinationals and development partners as the region continues to position itself as an investment hub in the continent.
[Nigeria Business Week] Andrea Ayemoba: Investments take priority over all
With global inflation spiraling out of control, every country is working harder than ever to welcome new enterprise and business. Nigeria made great progress in this in recent months.
[East Africa Business Week] Bob Koigi: Scaling startups’ investment in the region
As startups successfully raise funding, they are boosting their product and service portfolio while setting sight on the East African region for expansion. This
[Column] Moagi Bodibe: How to build brand relevance in the metaverse
The conventional playbook businesses refer to for customer acquisition and engagement is now obsolete. In the metaverse, where the rules of engagement are still largely undefined, this gap presents itself as a double-edged sword.
[East Africa Business Week] Bob Koigi: Accelerating sustainable and clean transport solutions
A bulk of East African countries’ electricity comes from renewables. Yet the region’s transport sector relies entirely on imported petroleum fuels.
[Nigeria Business Week] Andrea Ayemoba: Local fintech spreads to East Africa, oil and gas find major milestone
Nigeria, like other countries of the world, is going through some economically turbulent times. Inflation is on the rise (recently pegged at 21.9%) and local startups are directly impacted by financial crises on the other side of the world.
[East Africa Business Week] Bob Koigi: Boosting small businesses’ competitivity in the region
Small businesses are the engine of the East African economic growth, employing millions and opening up the member states to interact with each other through seamless trade.
[East Africa Business Week] Bob Koigi: Region warms up to the hospitality industry’s expansion binge
Global respected hotel brands are expanding their footprint and have identified Africa as a key investment destination with the East African region catching their attention for its MICE, business and leisure growth potential.
[Column] Goodie M. Ibru: What the AfCFTA brings to the table in Africa
The trade and investment layout of the African Continent is a story of both promise and missed opportunities. With a population of over 1.2 billion, Africa promises a huge and promising market.
[East Africa Business Week] Bob Koigi: Deepening diaspora remittances, driving regional investment
In a first of its kind move, The East African Community (EAC) has announced setting up a Diaspora desk that will focus on facilitating East Africans living in the diaspora to invest and trade in the region.
[East Africa Business Week] Bob Koigi: Partnerships bolster cross-border remittances and trade
This will also accelerate financial inclusion and remove the barriers around cross-border money transfers.
[East Africa Business Week] Bob Koigi: Investing in women-led businesses
Small and medium-sized enterprises (SMEs) account for an estimated 90% of all businesses in Africa and women own about a third of all registered African SMEs.
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COLUMNS.
[Column] Louis Avenant: Trends for African telcos in 2024
Africa’s vibrant telco sector is set for a bumper year in 2024 as it expands operations and broadens service offerings ...read full column here
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[Column] Virodh Sunderlall: What to expect from South Africa’s cybersecurity landscape in 2024
As widely reported last year, South Africa received the most cybersecurity threats on the continent by far ...read full column here
[Column] Stephen Bottger: The power of data analytics to revolutionise public safety
The use of applications, technology and data analytics can play a significant role in public safety globally ...read full column here
INTERVIEWS.
[Interview] Chester Wisniewski, Director of Global Field CTO, Sophos
Chester Wisniewski, the Director of Global Field CTO at Sophos, emphasizes several key trends and predictions for the cybersecurity realm in the coming year … read full interview here
[Interview]: Daniel Otu, Koa’s Production and Operations Director & the factory project lead
Daniel Otu, Koa’s Production and Operations Director & the factory project lead, touched on the challenges faced, the importance of sustainability, the role of local culture, and the lessons that shaped Koa’s future vision … read full interview here
[Interview] Oluwole Eweje, CEO-WATT Renewables Corporation
We provide sustainability for communities, especially communities that have very few businesses … read full interview here