WeeTracker

AFC Wins Financial Adviser of the Year at 2024 IJInvestor Awards Africa Finance Corporation (AFC), an infrastructure solutions provider has been named Financial Adviser of the Year at the 2024 IJInvestor Awards in London. This recognition highlights AFC’s role as a leading infrastructure solutions provider in Africa, offering tailored financial and technical advisory services for transformational infrastructure projects. AFC stood uniquely as the only African institution nominated alongside global industry leaders. Over the past year, AFC has supported projects in countries including Nigeria, Ghana, Angola, and the Democratic Republic of Congo. These initiatives have helped close Africa’s infrastructure deficit, created jobs, and improved energy access for millions. As the only African institution nominated in this category, AFC’s work continues to drive industrialization and economic advancement across the continent. #InfrastructureDevelopment #AfricaFinance #EconomicGrowth #AFC #IJInvestorAwards

BioMassters Secures Funding to Expand Clean Cooking Solutions BioMassters, a Rwandan clean cooking company, has received funding from Acumen to construct a new fuel production facility. Founded in 2020, the company focuses on replacing traditional charcoal production and cooking with modern, low-carbon pellet fuel solutions in Rwanda. The startup uses waste materials to produce pellet fuel, targeting urban and peri-urban households in Rwanda and beyond. The funding is expected to support expanding BioMassters’ production capacity and expand its stove distribution network, enabling the company to serve 25,000 households and small businesses. This funding aligns with Biomassters’ vision to develop a low-carbon cooking value chain in Africa, paving the way for broader adoption of modern and sustainable cooking technologies. #CleanCooking #SustainableEnergy #CircularEconomy #Rwanda #GreenEnergy

Naspers has sounded the alarm on escalating competitive pressures as Amazon and Temu aggressively challenge Takealot Group’s once-dominant position in South Africa’s e-commerce market.

NITDA and JICA Launch iHatch Cohort 4 to Empower 185 Startups and 37 Innovation Hubs in Nigeria The National Information Technology Development Agency (NITDA) and the Japan International Cooperation Agency (JICA) have launched the fourth edition of the iHatch programme. Running from October 2024 to January 2025, the initiative aims to support 185 startups and 37 innovation hubs across Nigeria. It offers mentorship, training, and investment readiness to startups and hubs, prioritizing sectors like fintech, agritech, healthtech, edtech, and civic tech. A Demo Day will provide a platform for startups to pitch their ideas to investors, aiming to secure funding and partnerships. The programme expects 90% of startups to formalize with the Corporate Affairs Commission (CAC), 80% to develop market-ready products, and 30% to secure investments. Additionally, 1,000 jobs are projected to be created, further advancing Nigeria's digital transformation goals. Applications are now open for startups and hubs on the iHatch website. #iHatchCohort4 #NITDA #DigitalEconomy #Startups #InnovationHubs #Nigeria #JICA

Safaricom Business Unveils Upgraded 5G Solutions for SMEs Safaricom PLC Business has launched an enhanced 5G for Business offering, tailored to provide SMEs with faster and more reliable connectivity. This upgrade aims to facilitate real-time collaboration, seamless transactions, and efficient remote operations. The announcement was made during the ‘Grow with Safaricom Business’ event in Western Kenya, which seeks to help SMEs leverage technology for growth. The revamped 5G service delivers up to five times faster speeds, with new plans offering 50 Mbps for KSH 4 K (USD 30), 100 Mbps for KSH 5 K (USD 38), and 250 Mbps for KSH 10 K (USD 77). The promise businesses that sign up by December 31, 2024, will receive a 25% discount on all 5G plans. With over 7.4 million MSMEs in Kenya contributing 30% of the GDP, this upgrade is designed to empower businesses to enhance productivity, improve customer engagement, and scale operations without exceeding their budgets. #5GforBusiness #SMEs #KenyaBusiness #Safaricom #BusinessGrowth #DigitalConnectivity

Opay, Moniepoint Users to Pay NGN 50 Levy on Transactions Over NGN 10K The Federal Government of Nigeria (FGN) has kicked off the Electronic Money Transfer Levy (EMTL), applying a NGN 50 (USD 0.6 Cents) charge on digital transactions of NGN 10 K (~USD 6) and above. The levy, which started implementation by fintech companies on December 1, 2024, is directed at recipients of such transfers through platforms like OPay, Moniepoint Nigeria and Kuda - most of whom have offered free transaction fees before now. This comes after the levy was initially announced to take effect in September per messages sent by Fintech companies to their customers at the time, but faced delays due to opposition from various groups. The levy, introduced under the Finance Act 2020, is aimed at increasing government revenue by taxing electronic transactions. The FGN claims it is part of a broader strategy to enhance transparency and improve fiscal sustainability, given the growing volume of digital payments. As fintech adoption surges, the government expects the levy to contribute significantly to national revenue. In 2023, mobile money operators processed NGN 46.91 T (~USD 28 M), highlighting the potential impact of this new levy. #NIgeria #Fintech #DigitalPayments #FinanceAct2020 #NigeriaEconomy #EMTL

Roam and ENERGICA Partner to Expand Charging Network in Nairobi Kenyan electric mobility company Roam has partnered with ENERGICA a European Union-supported initiative under Horizon 2020, to establish 10 additional solar-powered Roam Hubs in Nairobi. The expansion is set to build on Roam’s existing network of five hubs across key city locations, which already handle 400–500 daily transactions for charging and battery rentals. The company said that the new hubs will make electric mobility more accessible and transform urban transportation into a cleaner, more efficient system. The partnership is expected to accelerate the adoption of clean transport in Nairobi by providing affordable battery rentals, optimized charging, and quick after-sales services for electric motorcycle users. Roam’s solar charging solution offers significant cost savings of KSH 10-15 per kWh compared to electricity, making it more accessible. With Africa’s Electric Vehicle market projected to grow from USD 205.6 M in 2024 to USD 314.2 M by 2029, this partnership is set to establish Nairobi as a leader in clean mobility solutions, improving air quality and advancing sustainable urban transport. #SustainableMobility #ElectricVehicles #CleanEnergy #AfricaInnovation

iHUB Kicks Off 3rd cohort of Mastercard Foundation EdTech Fellowship in Kenya iHUB (Innovation hub), a Kenya-based innovation hub and tech community centre, in partnership with the Mastercard Foundation, has launched applications for the third cohort of the Mastercard Foundation EdTech Fellowship in Kenya. This follows the success of the second cohort, which collectively reached over 63,000 new learners, with 91% being young people. This third cohort aims to transform education by supporting growth-stage EdTech ventures with business development, financial assistance, and insights into learning science. The initiative focuses on driving inclusive access to quality education for young people across Kenya and Africa. Applications are open to high-potential EdTech ventures until February 3, 2025, via https://lnkd.in/daX23H9W. Successful participants will get access to a vibrant network of investors, expert coaching, advisory services, and non-equity grants of up to USD 100 K. Entrepreneurs will also be able to connect with investors, partners, and stakeholders to advance impactful learning solutions. #Kenya #EdTechInnovation #FutureOfLearning #InclusiveEducation #EdTechAfrica

🌍 This Week in The African Context 🌍 From Temu’s entry into Nigeria challenging Jumia and AliExpress to Namibia’s licensing standoff with Starlink, here are the key updates shaping Africa’s business and tech landscape: 📌 Uber in Kenya faces rising driver discontent despite its economic contributions. 📌 Google contributed a remarkable USD 900 M to Kenya’s digital economy in 2023. 📌 AVPA launches a USD 200 M fund to accelerate Africa’s social development. 📌 MTN Benin rolls out the nation’s first commercial 5G network. And much more! This week, we dive into the critical developments driving Africa’s innovation and business ecosystem. #TheAfricanContext #AfricaNews #AfricanBusinessUpdates #TechInAfrica

Equity Partners with Bpifrance to Boost SME Financing in East Africa Equity Bank Limited, a pan-African financial service company has signed a trade credit financing agreement with Bpifrance the public investment bank of France, to enhance support for SMEs across Kenya and East Africa. This collaboration, unveiled during French Week 2024 at the “Inspire and Connect East Africa” event, aims to bridge the SME financing gap and strengthen trade links between Kenya, France, and Europe. Through this partnership, Equity will de-risk investments for French companies venturing into Africa, providing syndicated loans in both local and foreign currencies. The partnership will offer SME investors flexible financing in both US dollars and Kenya shillings, empowering businesses to scale operations across the six countries where Equity operates. Key features include trade finance lines, credit facilities, and joint guarantees to enable SMEs to expand and transition into larger enterprises. The group emphasized the agreement’s strategic role in fostering economic growth, positioning Nairobi as a financial hub for East and Central Africa, and driving regional economic integration. #TradeFinance #SMEs #EconomicIntegration #Kenya #France