Crypto, Digital Currencies or Mobile Money: What is the future of payments in Africa?

Crypto, Digital Currencies or Mobile Money: What is the future of payments in Africa?

Mobile money has often been touted as the greatest innovation in Africa’s financial space – and rightly so. Its introduction at the start of the new millennium reenergized economies reeling from the slow macroeconomic growth induced by the IMF-backed structural adjustment programs (SAPs) in the late noughties. With the ease of their mobile phones, large…

The new black gold? Forget oil, Nigeria holds the mineral of the future

The new black gold? Forget oil, Nigeria holds the mineral of the future

For decades, Nigeria has been Africa’s largest oil producer. But as oil production falls to record lows, the abundance of another mineral that could hold the keys to the next economic revolution is coming to the fore. In 2016, the famous Nigerian author and former Minister of State for Petroleum Resources, Emmanuel Ibe Kachikwu, described his country’s…

For Africa, Queen Elizabeth leaves a legacy of exploitation and unresolved trauma

For Africa, Queen Elizabeth leaves a legacy of exploitation and unresolved trauma

As the United Kingdom celebrated in remarkable grandeur Queen Elizabeth’s platinum jubilee, far away in Africa, a mini commemoration was taking place. For many people outside Kenya, Nyeri is not a town they may be aware of. However, in June, this tiny agricultural town, located 94 miles north of the capital Nairobi, was thrown into…

Hustlernomics: How William Ruto attracted disgruntled youth voters to win Kenya’s presidency

Hustlernomics: How William Ruto attracted disgruntled youth voters to win Kenya’s presidency

Since independence in 1963, Kenyan politics has always been dominated by tribal kingpins across a chessboard composed of largely divided voters. In the last two years however, one man has been on a mission to alter this narrative, emerging successful in his quest. It is no secret that William Samoei Ruto was bound to vie…

Ghana’s oil revenues to reach $1 billion in 2022
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Ghana’s oil revenues to reach $1 billion in 2022

Ghana will gain revenues worth $1 billion next year from its nascent petroleum industry, authorities have projected. Out of the total, participating interest from crude oil will fetch the West African country $537.61 million, corporate income tax – $261.13 million, royalties from the sale of crude – $238.1 million, and surface rentals will be $0.9…

Seychelles to receive $34 million loan from IMF, rules out paying public servants bonuses
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Seychelles to receive $34 million loan from IMF, rules out paying public servants bonuses

Seychelles’ financial woes may ease in the coming days as the International Monetary Fund (IMF) has approved the second disbursement of $34 million. The announcement came as cabinet ministers decided that employees of state-owned enterprises will not receive any bonuses or incentives for 2021. The disbursement by IMF is part of the 32 month extended…

Kenyan startup Wowzi secures $3.2 Million to help creators monetize their social media accounts
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Kenyan startup Wowzi secures $3.2 Million to help creators monetize their social media accounts

Wowzi, an internet-based Kenyan startup, has secured a total of $3.2 million financing from the Africa-focused venture capital firm 4DX Ventures, part of which includes a recently concluded $2 million seed round. Launched in 2020, Wowzi is an online marketplace that democratises influence, connecting everyday social media users with big brands, and enabling nano and…

African Development Bank approves $170 million loan for Nigeria’s digital and creative enterprises
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African Development Bank approves $170 million loan for Nigeria’s digital and creative enterprises

The African Development Bank’s board of directors have approved a $170 million loan to finance a newly-launched digital and creative enterprises programme in Nigeria. The investment in Digital and Creative Enterprises Program (i-DICE) is an initiative by the Federal Government of Nigeria to promote investment in digital and creative industries. It targets more than 68…

Are we living in another golden age of African state-owned airlines?
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Are we living in another golden age of African state-owned airlines?

In 2016, Ugandan President Yoweri Museveni had a dream. After 30 years of lull, the East African country, whose airport has become a fixation of Hollywood movies, would have its national carrier flying across the world. The crane in the national flag would spread its wings and ensure the $450 million that Ugandans spent on…

This Kenyan fintech will spend $4 million on building a virtual bank for credit unions
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This Kenyan fintech will spend $4 million on building a virtual bank for credit unions

Kwara, a Nairobi-based fintech, has raised $4 million seed capital to build a neobank app that will enable individuals to sign up with their preferred credit unions and access various financial services. Kwara was launched in 2019 to aid credit unions, commonly known as SACCOs, in Kenya shift to digital platforms by providing them with…

Carrying an unvaccinated passenger? Pay $3,500. Ghana’s new directive to airlines.
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Carrying an unvaccinated passenger? Pay $3,500. Ghana’s new directive to airlines.

In a bid to stem the spread of the omicron variant of COVID-19, Ghana’s health and aviation authorities have issued, what could be, the harshest ever imposed guidelines, to airlines flying passengers into the country. In a statement announcing the sweeping directives, health authorizes said effective Tuesday, December 14, 2021, all persons flying in and…

AfCFTA could ignite Africa’s post-COVID economic recovery, says UNCTAD
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AfCFTA could ignite Africa’s post-COVID economic recovery, says UNCTAD

The African Continental Free Trade Area (AfCFTA) could help drive economic growth and reduce inequalities widened by the pandemic, a newly released report by UNCTAD indicates. The AfCFTA came into operation on January 1st, and all countries except Eritrea have signed up. It consists of 1.3 billion people with a combined GDP of $3.4 trillion….

What next for The Gambia after President Barrow’s re-election?
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What next for The Gambia after President Barrow’s re-election?

Elections in The Gambia are always a thrilling affair. There is a unique marble voting system used nowhere else in the world and results that rock the political establishment. While the outcome of this election avoided the ugly scenes witnessed four years ago – when former President Yahya Jammeh refused to accept defeat – a…

African airlines projected to lose $8.5billion this year amid slow recovery
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African airlines projected to lose $8.5billion this year amid slow recovery

Africa’s aviation sector is struggling to hit pre-pandemic levels, with airlines projected to lose revenues worth $8.5 billion in 2021 due to ongoing travel bans and limited domestic travel. However, the figure represents a slight improvement from the year before when losses mounted to $10.21 billion. According to the African Airlines Association (AFRAA), the poor…

Travel ban on Africa is a punishment, not solution to COVID-19 pandemic
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Travel ban on Africa is a punishment, not solution to COVID-19 pandemic

The African Airlines Association (AFRAA) has decried the recent imposition of travel bans on southern African countries after discovery of the Omicron variant, terming it unhelpful in curtailing the spread of COVID-19. There is feeling of betrayal, especially in South Africa, where the hard graft of scientists in unearthing and transparently announcing to the world…

IMF warns of ‘economic collapse’ unless rich countries extend debt relief
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IMF warns of ‘economic collapse’ unless rich countries extend debt relief

The International Monetary Fund has called on the world’s largest economies to extend debt relief, warning of an economic catastrophe in developing countries without such help. The G20 Debt Service Suspension Initiative (DSSI) expires at the end of the year, and without a renewal, developing countries would face financial pressure and spending cuts. The spread…

Why Tanzania is planning to launch its digital currency
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Why Tanzania is planning to launch its digital currency

Tanzania’s Central Bank has announced plans to roll out its digital currency, following in the footsteps of Nigeria and a global wave of adoption of cryptocurrencies. In preparation for this major step, the Bank of Tanzania is currently strengthening the knowledge and capacity of its officers on digital currencies. “To ensure that our country is…

Kenyan manufacturers unveil plan to boost commercial forestry
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Kenyan manufacturers unveil plan to boost commercial forestry

Kenyan manufactures have unveiled a strategy to sustainably expand forestry businesses in the country. The Forestry Business Sustainable Action Plan sheds light on interdependences of the forestry industry and other economic sectors for the country’s socioeconomic development, while preserving ecosystems. Speaking at the launch, Kenya Forest Service (KFS) Chairman Peter Kinyua said that his organization…

Can Uganda stop China taking over its only international airport?
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Can Uganda stop China taking over its only international airport?

Amid fears of losing its main gateway to the outside world, Uganda has stepped up efforts to amend a loan agreement it signed with China in 2015. Back then, the land-locked country had launched an ambitious 20-year civil aviation master plan, which included the upgrade of its only international airport in Entebbe. The refurbished airport…

DR Congo and the East African Community: Too soon or a match made in heaven?
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DR Congo and the East African Community: Too soon or a match made in heaven?

The Democratic Republic of Congo’s bid to join the East African Community (EAC) has been approved, marking a successful end to years of efforts to integrate with its eastern neighbors. The approval to join the regional bloc was granted by the EAC Council of Ministers, after a thorough verification process conducted in line with the…