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…
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…
Twin pressures of tight COVID-19 restrictions and the spate of civil disorder that rocked the country in July contributed to South Africa’s economy contracting in the fourth quarter. According to Statistics South Africa (SSA), GDP slumped by 1.5% eroding some of the hard-fought gains the country had made in the proceeding two quarters. The worst…
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….
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…
Nations across the globe and mostly in Africa are rushing to pass laws designed to support and promote homegrown innovation. Africa has made great strides recently in fulfilling its dream of becoming a launchpad for innovative high technology companies. In 2020 alone, Nigeria and Kenya were the hotspots of venture capital investments with the countries…
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…
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…
Over the last decade, China has outgunned Western powers in cementing its ties with the continent, and now it is winning the COVID-19 vaccine diplomacy war. Vaccine diplomacy is a relatively new term that has entered our lexicon primarily due to the pandemic that began in Wuhan, China. It employs vaccine delivery and distribution to…
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…
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…
Chinese President Xi Jinping has pledged to provide 1 billion COVID-19 vaccine doses to African countries and invest $10 billion across the next three years. The vaccine pledge was made during a speech via video link to the China-Africa summit in Dakar, Senegal, and it comes at a time when concerns are mounting over the…
COVID-19 did not just claim lives. It also coincided with the closure of businesses, large scale retrenchment and the closure of companies that were unable to operate during the lock-downs. However, one silver lining in all this gloom was the rise in entrepreneurship, driven primarily by innovative youths and women eager to make hay in…
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…
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…
COMESA Heads of State have urged member states to increase investment in research and innovation in the health sector to enhance socio-economic recovery of the region and generate more resilience against future disasters. In a communique issued at the end of the 21st COMESA Summit, the leaders noted the devastating socio-economic and cultural effects of the…
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…
Nigeria’s federal government will remove a controversial fuel subsidy scheme and replace it with transport grants of 5000 naira ($12.20) each to nearly 40 million poor people every month. Speaking at the launch of the World Bank Nigeria Development Update (NDU) on Tuesday, Minister of Finance, Budget and National Planning Zainab Ahmed, said the transport…
Tanzania’s request to the International Monetary Fund to provide it with a $372.4 million loan to support COVID-19 pandemic relief measures has been approved. The loan will be issued through the Washington-based lender’s Rapid Credit Facility (RCF), and is part of a $567.25 million package released in September under a blended RCF/Rapid Financing Instrument (RFI)…
A newly released report by UNCTAD has outlined the role the African Continental Free Trade Area (AfCFTA) could play in boosting transport communication networks that will spur intra-African trade. Despite the similarities in languages and ethnicities, African countries seldom trade with each other. Policymakers hoped to change the status quo with the rolling out of…