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Africa Fintech Summit

Benjamindada

Ajim Capital

African startups witnessed a sharp 46.5% decrease in funds raised this July compared to July 2022. Cleantech remained dominant, securing 32.8% of the continent's total funds.

In July 2023, African startups raised a total of $123.4 million across 20 disclosed deals, experiencing a significant 46.5% decrease compared to the funds raised in July 2022. Cleantech startups remained dominant, securing 32.8% of the total funding. East Africa led the fundraising with $46.2 million, followed by Central Africa with $40.5 million, West Africa with $26.6 million, and North Africa with $10 million. However, Southern Africa received no disclosed funding.
 
Key highlights include:
 
- East Africa: Kasha, a Rwandan health tech startup, secured the highest funding at $21 million, followed by Kenyan startup Mydawa with $20 million. Other startups in the region also raised funds, and Rwanda-based Eden Care joined Y Combinator's summer program with a funding of $500,000.
 
- Central Africa: DR Congo's cleantech startup Nuru raised a substantial $40 million, the highest amount raised by a single startup in July. DRC-based fintech startup Vaultpay also received $500,000 from Y Combinator.
 
- West Africa: Nigerian startups led the region, with significant funding secured by Terragon, Moove, Zuvy, and others. Nigerian food-tech startup Chow Central received $500,000 as part of Y Combinator's deal.
 
- North Africa: Egyptian startups dominated the region, with Egyptian fintech startup Flash raising $6 million, Moroccan prop-tech startup Agenz raising $1.3 million, and Tunisian mobility startup Kaco announcing an undisclosed funding round.
 
- Funding Sectors/Industries: Cleantech secured 32.4% of the total funding, followed by fintech with $21.7 million, health tech with $20.7 million, and logistics with $21 million.
 
- Funding Stage: Pre-seed startups led, with Nigerian invoice financing startup Zuvy securing $4.5 million. Flash, an Egyptian fintech startup, raised the highest seed funding at $6 million, and health tech startup MyDawa dominated the series A category with $20 million in financing.
 
Despite the challenges faced by African startups in 2023, including a decline of 47.69% in funds raised in H1 compared to H1 2022, some regions like East and Central Africa showed promising signs of growth. Cleantech remained a popular investment sector, reflecting increasing interest in sustainable ventures. As the African tech ecosystem evolves, innovative startups must explore alternative funding sources and growth strategies to unlock their potential.
 
Read the article on <a href="https://www.benjamindada.com/what-funding-trends-did-african-startups-follow-in-july/">BenjaminDada</a>

African startups raised $123.4 million in July 2023

Bird Story Agency

In Africa's energy landscape, a game-changing strategy is taking shape: harnessing 'wheeling' to slash transmission costs by leveraging the national utility grid. According to an expert, this model will encourage more private power producers.

Bonface Orucho, bird story agency
&nbsp;
Wheeling, an innovative power transmission approach, can significantly alleviate Africa's power woes, according to energy sector expert Derick Coetzer during a recent webinar.
 
"The ability to wheel onto the grid has led to quite interesting opportunities for private power producing companies … As a continent, we are very well placed to take advantage of this model," said Coetzer during a webinar hosted by the Africa Solar Industry Association (AFSIA).
 
Wheeling is the practice of allowing privately generated power to flow through the national grid to willing buyers in a seller-buyer model. Traditional wheeling models have centered on individual private power generators directly supplying a single off-taker linked to the national grid. However, recent iterations have evolved.
 
Coetzer, the co-founder and sales lead at NOA Group, emphasized that this model holds exceptional promise for Africa due to the continent’s abundant solar and wind resources.
 
Africa boasts of being home to 39% of the world's clean energy potential, according to IRENA, and the exploitation of renewable energy is on a rapid ascent across the continent.
 
In recent years, transmission and distribution infrastructure has received much less attention and investment than generation capacity. Yet both are necessary to achieve green industrialization in Africa.
 
The 2022 joint report by the International Energy Agency (IEA) and the African Development Bank (AfDB) reveals that the Transmission and Distribution (T&amp;D) sector in Africa receives less than 2% of total energy sector investment. The IEA emphasizes that an annual investment of approximately $4 billion is required for T&amp;D networks to adequately address Africa's escalating energy needs.
 
However, as Coetzer explains, wheeling has the potential to balance grid capacities while saving independent producers the burden of setting up new grids.
 
Establishing entirely new transmission lines is a costly endeavour, projected to escalate capital costs for a private producer by over 50%, according to the Africa Energy Portal.
 
Coetzer further explains that wheeling is especially executable on the continent given the rich renewable energy mixing potential, especially from solar and wind sources.
 
"While solar-only generation can cover approximately 30–40% of a client’s load, incorporating wind generation can boost that capacity to up to 70%," Coetzer revealed.
 
Already, the quest to leverage this transmission and distribution model is, in practice, gaining ground in different countries in Africa thanks to existing policies that have been in force for the past decade.
 
Several markets, including Egypt, Morocco, Algeria, Tanzania, Kenya, and Malawi, among others, all have policy frameworks that support wheeling.
 
The success story of wheeling is particularly evident in Egypt, whose Renewable Energy Law of 2014 opened up IPPs to use the national grid for transmission.
 
Between December 2015 and December 2018, a total of 28,229 MW was added to the grid, resulting in a total installed capacity of 55 GW, propelled mainly by renewables, whose transmission has been facilitated by the wheeling framework. Similar remarkable strides have been made in other successful markets in terms of electricity access, such as Algeria.
 
Power-hungry South Africa is hastily taking on this model to aid with the distribution of electricity to households, commercial, and industrial segments. The country has been hit hard by aging generation infrastructure and faulty new coal-burning stations that regularly dump users in the dark.
 
The national utility, Eskom, indicates on its website that it plans to introduce virtual wheeling. This advanced version of conventional wheeling will enable a third-party trader to aggregate power from various private generators and transmit it through the national utility grid to multiple off-takers.
 
Already, different parties have launched pilots seeking to identify any underlying gaps ahead of a full rollout in the future.
 
Telecom giant Vodacom, for example, recently inked a virtual wheeling agreement with Eskom enabling the telecom company to aggregate power from its 15,000 low-voltage generation sites and distribute it to various locations on the grid.
 
Cape Town Municipality also recently launched a pilot wheeling program as part of a set of measures to reduce load shedding by having private generators involved in meeting energy needs.
 
bird story agency

Grid Revolution: Wheeling's potential impact on Africa's power landscape

African scholars are at the forefront of a global effort to combat climate change with science.

Bonface Orucho, bird story agency
 
Two scholars from the University of Witwatersrand (Wits) have taken the helm of the International Union of Pure and Applied Physics (IUPAP) Working Group on Physics for Climate Action and Sustainable Development.&nbsp;
 
According to a press statement from the university, Professor Nithaya Chetty will lead the charge, with Professor Gledhill assuming the role of secretary.
 
"This is a multidisciplinary endeavour involving the basic sciences like physics, chemistry, mathematics, computing, engineering, human and social sciences, law, and health sciences," emphasised Chetty.
 
The appointments, confirmed during the IUPAP General Assembly in Geneva, signal a growing commitment to an interdisciplinary approach to addressing climate change and building resilience. African researchers and scholars are at the forefront of shaping these solutions.
 
Chetty underscored the critical link between climate change and broader societal challenges.&nbsp;
 
"Issues around climate change are set to grow in the coming years. These challenges are intimately connected with the need for energy security and environmental sustainability. If left unaddressed, they will have detrimental impacts on poverty, inequality, mass migration, and the overall human condition," he explained.
 
“This terrain is fraught with political influences, and it is essential to carefully differentiate between academic discourse on the one hand and political discourse on the other, and between climate action and climate activism,” he added.
 
The working group's mission is to develop a comprehensive program bolstering physics in Pacific Island nations. Their goal is to harness various disciplines to create solutions to protect island nations and more vulnerable countries, especially those in Africa.
 
This initiative comes on the heels of the UN General Assembly's resolution designating 2024-2033 as the International Decade of Science for Sustainable Development. The call is for global stakeholders to lead the way in implementing the Decade, using scientific approaches to reduce emissions.
 
A 2021 study by the Royal Society, found that the world can achieve as much as 50% of the targets needed to cut carbon emissions by 2030, using existing technologies.
 
"But to go beyond and reach net zero by 2050 requires research, development and deployment of novel technologies," the Royal Society report explained.
 
Africa has already seen significant benefits from science-driven technologies combating climate change. Physics and science have played pivotal roles in reducing energy consumption in devices and appliances.
 
A 2021 study by Our World in Data, a research firm, revealed that over a decade, the cost of commercial solar power dropped by 89%, while onshore wind saw a 70% reduction. Building a solar farm in 2010 was 223% more expensive than constructing a new coal plant.
 
This cost reduction in renewable-sourced electricity deployment has led to a surge in clean energy capacities. Currently, solar-generated electricity exceeds 10 GW, while wind-generated electricity stands at 6.5 GW.
 
Africa holds an estimated 55% of global potential renewable energy, underscoring the need for continued science-led efforts to bridge the existing gap and tap into these resources to address energy shortfalls.
 
The African-led global working group, leveraging physics and science, is poised to generate science-driven ideas aligned with the region's immediate needs.
 
South Africa, long committed to advancing physics on the continent, has solidified partnerships with European nations to bolster the field. Initiatives like the National Institute for Theoretical and Computational Sciences' collaboration with Italy and agreements on nuclear physics with the European Organisation for Nuclear Research have bolstered South Africa's position.
 
The UK government is also initiating partnerships with five African countries, focusing on supporting young scientists - particularly in physics - in projects spanning Kenya, Uganda, Tanzania, Rwanda, and South Africa.
 
Physics initiatives like those at the Faculty of Science at Wits, as well as many others, including a partnership between the Abdus Salam International Centre for Theoretical Physics (ICTP) and an institute in Rwanda, are bringing scientific initiatives on the continent into the global spotlight - and are helping to elevate the quality of science research and education across Africa.
 
Rudolph Erasmus, President of the South African Institute of Physics, underscored a long history of science on the continent.
 
“South Africa is a founding member of the IUPAP, having been one of only 13 countries that formed the IUPAP 101 years ago, and has a record of being a strong voice in the IUPAP for the development of physics around the globe,” he shared.
 
bird story agency
 
Useful Links: https://www.iop.org/about/blogs/invest-in-african-physics-to-tackle-climate-change#gref
https://www.wits.ac.za/news/latest-news/general-news/2023/2023-10/wits-leads-iupap-working-group-on-climate-action.html

South African academics to lead a global physics initiative on climate action 🇿🇦

Wadzanai Samaneka, Nyaradzo Mavis Mgodi and Tsungai Mhembere have all built their careers - and spent much of their lives - fighting a war on an "incurable', killer disease. Thanks in no small part to these Zimbabwean women, humanity may finally be winning a decades-long battle against that disease - HIV. 

Clemence Manyukwe, bird story agency
 
When Dr. Wadzanai Samaneka began working as a newly graduated doctor, patients who contracted AIDS knew they were going to die. It was a scary time to be a doctor - and an even scarier time to be a sex worker. However, in Zimbabwe and in many other countries in the region, AIDS was prevalent everywhere.
 
“During my years as a medical student and later as an internist, the diagnosis of HIV infection was like a life sentence. There were no Antiretroviral drugs (ARVs) in Zimbabwe and patients would simply be discharged for home-based care. Not only were patients dying, but even our very own relatives were dying. It was this experience back then that led me to have a desire to find a cure for the devastating illness," the researcher, who works at the Clinical Trials Research Centre at the University of Zimbabwe, explained.
 
Samaneka, who graduated with Honours from the University of Zimbabwe, in 1997 and today holds a Master’s Degree in Clinical Epidemiology as well as a Diploma in HIV Management from the Colleges of Medicine of South Africa (CMSA), decided to help find a cure for HIV. &nbsp;The human immunodeficiency virus (HIV) can over time can lead to acquired immunodeficiency syndrome (AIDS) and death.&nbsp;
 
That decision has taken Samaneka on a journey full of discovery, excitement, joy - and huge disappointments. Today, HIV is no longer a life sentence. Thanks to the development of anti-retroviral therapy (ART), which involves using a cocktail of anti-retroviral drugs, people who test positive for HIV can live long, healthy lives. Yet Samaneka remains as focused as ever on a cure. &nbsp;
 
"Once HIV enters the body some of the virus remains 'hiding' in some body compartments and cells regardless of effective ART. Scientists call the hiding virus the 'HIV viral reservoir'. A combination of HIV cure strategies are being tested in clinical trials, so until we do find a cure, we will keep searching and learning from the negative results," Samaneka explained.
 
Samaneka has been involved in conducting clinical trials for adult HIV prevention and treatment, since 2005. Most of that has been conducted in her home country, which by the early 2000's had infection levels higher than almost anywhere else in the world. Conservative estimates put the level of HIV infection by 2000 at 25% of the population. Across Africa, around 2.3 million people died of AIDS in 2003, according to Zimbabwe's Ministry of Health and Child Welfare.
 
"All of my research work has been in Zimbabwe - in collaboration with other researchers within the region as well as outside the region. I have played a key role in conducting multiple, multi-site, complex, phase I-IV, clinical trials including studies of first-line, second-line and third-line antiretroviral treatment (ART), and studies of TB diagnostics, treatment, and prevention,” she explained
 
Her groundbreaking work includes a landmark study that demonstrated the effectiveness of antiretroviral therapy (ART) as prevention.
 
The trial (known as HPTN 052) showed that anti-retroviral therapy could prevent infections caused by human immunodeficiency virus type 1 (HIV-1) in couples in which one partner is HIV-positive and one partner is HIV-negative.
 
Following the results of the study in 2015, the World Health Organisation revised its guidelines to include recommendations for universal HIV-1 testing and the provision of ART to all persons with HIV-1 infection, regardless of their CD4+ (white blood cell) count.
 
Another study proved that early ART initiation reduces the HIV burden and preserves the body’s immune response to HIV. That study, conducted between 2017 and 2019, showed that those who started therapy the earliest still had HIV-infected cells in their blood after one year, but the number of infected cells was lower than those seen in individuals who started a little later. Once again, however, the ART did not wipe out HIV altogether, however.
 
"ART initiation in earlier stages of acute and early HIV infection reduced but did not eliminate the persistence of HIV-infected cells in blood. This study does provide hope that early ART can be complemented with other curative strategies such as therapeutic vaccinations or passive immunisations as scientists design future cure research studies," she explained.
 
According to Samaneka, the studies require considerable resources.
 
"HIV cure research in particular is intense and requires stringent quality management," she said.
 
However, the resource-heavy nature of rigorous studies also means that the results are accurate and stand up to peer review and international scrutiny, pushing forward the boundaries of scientific knowledge. &nbsp;
 
"Young African investigators should be supported to generate research questions pertinent to the health needs of the African population," she added.
 
Samaneka also commended the governmental response to the HIV epidemic in Africa. Some countries, including Zimbabwe, have now achieved the 95-95-95 UN targets (95% of those living with HIV know their status, 95% of those who know their status are on HIV are on life-saving medications and 95% of people who are on treatment are virally suppressed).
 
"However, the goal to end AIDS by 2030 requires that African governments prioritise and support the HIV cure research agenda," she said.
 
While the world waits for a vaccine, Samaneka points optimistically to recent successful hi-tech efforts to eradicate HIV using techniques like stem cell transplants. Stem cell transplants - most famously in two cases, known as the "Geneva" and the "Berlin" patients - have resulted in HIV eradication.
 
"Gene therapy to eradicate reservoirs is among the cure strategies being tested in clinical trials," said Samaneka.&nbsp;
 
&nbsp;While stem cell transplants - also known as gene therapy - are hugely expensive and not currently practical for large numbers of patients, Samaneka is optimistic about the results and what they could mean for HIV prevention in Africa.&nbsp;
 
Someone who knows Zimbabwe's governmental response well is Dr Nyaradzo Mavis Mgodi, who today focuses on HIV prevention.
 
“After having worked in the Zimbabwean Public Health sector for almost 12 years and seeing the relentless morbidity and mortality from HIV/AIDS, in 2007 I was struck by an urgent need to contribute significantly towards curbing the HIV epidemic,” Mgodi shared.&nbsp;
 
That year, Mgodi decided on a career change; moving from clinical pathology to HIV prevention/treatment research. She joined the University of Zimbabwe - University of California San Francisco Collaborative Research Program as a medical officer.
 
"I have been conducting clinical trials for over 15 years. I have been privileged to lead studies across four continents – Africa, the USA, Latin America, and Europe," she explained.
 
Mgodi co-chaired the first study to show that antibodies can reduce the risk of HIV acquisition (a series of studies called the Antibody Mediated Prevention studies) as well as the HOPE study, which assessed the dapivirine ring.
 
She currently co-chairs the Clinical Trials Hub of the USAID-funded MATRIX Programme, worked across countries including Zimbabwe, Malawi, Botswana, Uganda, Kenya, Tanzania, Mozambique, Eswatini, South Africa, Peru, USA, and Switzerland, searching for lasting, human-centred solutions and developing innovative biomedical interventions for HIV prevention.
 
As executive Committee Member and International Principal Investigator for the HIV Prevention Trials Network (HPTN).
she also looks after a worldwide effort to improve preventative measures against HIV.&nbsp;
 
Locally, Mgodi is perhaps best known for her role in bringing the dapivirine vaginal ring to women worldwide, thanks to her role in two studies, known as ASPIRE and HOPE.&nbsp;
 
"The Europeans Medicines Agency issued a positive scientific opinion on the ring and subsequently WHO recommended offering the ring as a safe and effective additional prevention choice for women at significant risk of HIV infection as part of a package of prevention options," Mgodi said of that initiative.
 
On 6 July 2021, Zimbabwe, through the Medicines Control Authority of Zimbabwe, approved the ring and Zimbabwe became the first country globally to register the ring for HIV prevention.
 
Mgodi was also involved in showing the efficacy of a new drug, known as long-acting injectable cabotegravir (CAB-LA)
 
"In July 2022 Zimbabwe was the first African country and first low and middle-income country to approve CAB-LA for HIV prevention," she said, explaining that the dapivirine ring and CAB-LA are being used together to prevent new HIV infections and change the trajectory of the epidemic.
 
"We are almost there," she said.
 
But there is one more step she feels is necessary, to ensure zero infection rate.
 
"We know that an HIV vaccine is the world’s best hope of ending HIV. Though there will most likely not be an effective vaccine in the next five years, I think we will continue to make great strides in the development of other innovative products that will contribute towards ending the epidemic," Mgodi concluded.&nbsp;
 
For research pharmacist Tsungai Mhembere, also at the University of Zimbabwe Clinical Research Centre, that day cannot come fast enough.
 
As a Research Pharmacist for over a decade, Mhembere has contributed to the successful implementation of international clinical trials that focus on the prevention of mother-to-child HIV transmission, early treatment of infants with a high risk of HIV acquisition and optimised treatment options for HIV-infected mothers and infants.
 
"HIV Research has been a platform to provide evidence-based effective HIV prevention and treatment strategies that combat the infection. Ultimately HIV research should influence the adoption and sustainable access of proven cost-effective prevention technologies in all communities that need them,” Mhembere said, the researcher, who is currently based at the Harare Family Care UZ-CTRC clinic housed within Parirenyatwa Hospital.
 
bird story agency
 
Useful links:&nbsp;
https://www.hptn.org/research/studies/hptn052
https://pubmed.ncbi.nlm.nih.gov/31981713/
https://www.who.int/publications/i/item/9789240028678
https://www.aidsmap.com/news/jul-2023/first-person-may-be-cured-hiv-after-stem-cell-transplant-without-ccr5-mutation

The outsize contribution of the women scientists of Zimbabwe to the fight against HIV

Ghana is the latest African nation to commit to GM in an attempt to unlock economic benefits from agriculture.

Bonface Orucho, bird story agency
 
The designation of Ghana as the International Atomic Energy Agency's (IAEA) collaborating center for Africa, focusing on plant breeding and associated technologies for food and nutrition, is being seen as a pivotal moment in the application of genetic modification in Africa.
 
In a recent press statement, the IAEA announced its collaboration with the Biotechnology and Nuclear Agriculture Research Institute (BNARI) of the Ghana Atomic Energy Commission, in a four-year commitment “to promote research and development on mutation breeding in West and sub-Saharan Africa.”
 
Najat Mokhtar, IAEA Deputy Director General and Head of the Department of Nuclear Applications termed mutation breeding a powerful tool to address the global challenge of food security.
 
"It enables us to develop food crops with increased yields, improved nutritional quality, and enhanced resilience in the face of climate change. Through our closer collaboration with BNARI, we aim to share expertise and build capacities for deploying this safe and highly effective technique across a wider geographical region," she explains.
 
BNARI is set to become Africa's first IAEA Collaborating Centre in the field of plant breeding and genetics, one of only six such centres globally, and was chosen for its strategic location and expertise in radiation-induced mutation.
 
Ghana has, in recent times, been at the forefront of embracing genetic modification technology to enhance crop and plant species. The nation is poised to introduce its first genetically modified cowpea, developed by the Savannah Agriculture Research Institute (SARI), into the Ghanaian market this year.
 
Projections indicate that this modified cowpea will substantially increase yields - by nearly 300 percent. Jerry Nboyine, a senior research fellow at SARI highlighted in an interview on GhanaWeb that the modified variety does not require the use of insecticides, in contrast to non-GMO cowpeas.
 
Ghana is one of a small but growing number of &nbsp;African countries that have embraced genetic modification technology to bolster agricultural productivity and resilience. The International Service for the Acquisition of Agri-Biotech Applications (ISAAA) puts the number at three in 2016, rising to over ten in 2022.
 
Kenya last year lifted a decade-long ban on genetically modified crops, now allowing their cultivation, research, and the importation of certified GMO crops and animal feeds.
 
South Africa, Nigeria, Malawi, Sudan, Uganda, Burkina Faso, Egypt, and Sudan have all moved to adopt the technology, with many conducting field trials.
 
Nigerian scholar Ademola Adenle delved into the topic in an analysis published by 'The Conversation' in June, arguing that GM crops offer a potent solution to Africa's pressing hunger crisis.
 
"Based on my research in this area, I believe that agricultural innovations such as GM crops or organisms have the potential to address food security in Africa," he explained.
 
Africa's food crisis cannot be understated, and it extends beyond hunger, encompassing nutrition gaps that have been exacerbated by erratic climate conditions resulting from local and global human-induced climate change, and logistics challenges.
 
The UNFAO's 2023 State of Food Security and Nutrition report reveals a distressing increase in global hunger, with over 122 million more people facing hunger since 2019. A substantial portion of this growth is occurring in Africa, where nearly 20% of the population faces hunger.
 
Moreover, the prevalence of undernourishment (PoU) in Africa rose from 19.4 percent in 2021 to 19.7 percent in 2022, primarily due to increases in Northern and Southern Africa.&nbsp;
 
South Africa and Sudan are already seen as frontrunners in applying and using GM technology to accelerate crop production, mostly maize in South Africa and cotton in Sudan. South Africa has seen a major increase in maize production, even in lower rainfall years, regularly resulting in a surplus, which earns the country foreign exchange when exported.
 
"Research has shown 65% of the gain came from higher yield and production and 35% from lower costs," Adenle explains, highlighting the economic value of planting GM crops.
 
The Rainbow Nation has been growing commercial genetically modified maize since 1997. A 2021 study published in ScienceDirect, titled, ‘Economic and ecosystem impacts of GM maize in South Africa’ revealed GM maize had yielded welfare benefits surpassing $694 million between 2001 and 2018.
 
“We began planting GMO maize seeds in the 2001/2002 season. Before their introduction, average maize yields in South Africa were about 2.4 tonnes per hectare. This has increased to an average of 6.3 tonnes per hectare in the 2022/23 production season,” Wandile Sihlobo, a South African agricultural economist, explained.
 
With extreme weather patterns disrupting agricultural patterns, recent genetic modifications have focused on indigenous crops such as cassava and sweet potato, which are more climate change-resistant.
 
Several other agencies across Africa have been actively advancing these technological solutions. The Pan-African Bean Research Alliance (PABRA) is a prime example, which has revealed in the past week that it has researched, developed, and distributed over 650 new bean varieties in 32 countries.
 
PABRA's efforts have led to a 30% increase in income for more than five million households across ten countries, and farmers who cultivate, consume, and sell its beans are 6% more likely to achieve food security and 6% less likely to live in poverty.
 
As Adenle explained, to increase yields countries should increase investment in biotech research, train scientists, involve local experts in decision-making, foster government collaboration, and use science-based communication to raise awareness of both the benefits and concerns around GM crops.
 
bird story agency
 
Useful links: https://www.iaea.org/newscenter/news/africas-first-iaea-collaborating-centre-for-plant-breeding-and-genetics
https://theconversation.com/genetically-modified-crops-may-be-a-solution-to-hunger-why-there-is-scepticism-in-africa-207364#:~:text=Scientists%20have%20shown%20that%20GM,and%20importation%20of%20GM%20products.
https://www.fao.org/3/cc3017en/online/state-food-security-and-nutrition-2023/food-security-nutrition-indicators.html

Africa shifts towards genetic modification to boost food security 🌾

Africa’s carbon credit market is experiencing a significant surge in investor interest, thanks to a surge in fresh investment from the Gulf. But more regulation, stricter auditing and greater transparency is required, according to industry insiders.

Seth Onyango, bird story agency&nbsp;
 
Africa is a prime target for new multimillion-dollar carbon offset projects as companies increasingly seek to blunt the effects of their carbon footprints.
 
In September, the United Arab Emirates (UAE) announced plans to shell out US$450 million to secure carbon credits from various carbon offset initiatives on the continent.
 
Already, carbon offset firms are snapping up new deals. &nbsp;Eco Netix, a measurement, reporting and verification (MRV) firm, told bird story agency that together with sustainable investment company ASC Impact, the firm had inked a deal with Emirati investors for millions in carbon stocks for the UAE government, which needs to offset 136 million tonnes by 2030.&nbsp;
 
New markets in the Gulf offer a bridge between investors and African states aiming to monetise their natural resources sustainably.
 
According to Eco Netix founder, Jakob Zenz, the factors attracting investors to Africa’s carbon credit market are its rich biodiversity and extensive arable land. These assets are ideal for carbon offset projects, such as reforestation, sustainable agriculture, and renewable energy initiatives.&nbsp;
 
"They have the largest carbon sinks in the world. The Congo Basin, for example. All of these rain forests, this is besides size, availability, young people, willingness to work, educated people," Zenz noted.
 
"So all of these factors can make a project very viable and in an age of digitisation, information is available throughout Africa. Everyone has a smartphone. So communication becomes easy. Mobile money makes it easy to transact throughout the continent."
 
In Tanzania, Eco Netix is working on a mangrove restoration project covering 32,000 hectares, with 6,000 to 8,000 hectares identified for restoration. The cost of restoring each hectare is approximately US$3,000, leading to a total investment of US$18 to US$24 million for the project. &nbsp;
 
ASC has concessioned over 300,000 hectares for reforestation and is targeting an investment of €400 million, focusing on climate change mitigation in vulnerable areas.
 
The coalition, operating under the aegis of Sustain Now, aims to market 60 million tons of carbon credits in the UAE by 2030, leveraging key government and corporate relationships. Sustain Now is also expanding its land holdings for mangrove and forest projects, targeting an additional 2 million hectares within a year, and is actively seeking funding from the Middle East for these projects.
 
ASC's Karl Kirchmayer said that after a successful run in Congo Brazzaville, Ethiopia and Angola they are planning new projects in other African states.
 
"All these countries are fitting perfectly in our strategy, to invest in areas where we have the best growing conditions. We have very good soil and rainfall," he said.
 
Mangroves, often referred to as 'super trees'', are central to these initiatives. Offering both environmental and economic benefits, mangrove forests are ideal candidates for carbon offset projects.
 
"I call it the Rolls Royce of carbon credits. It's a plant that has an incredible biodiversity system around it and... it's storing, like really substantial amounts of carbon. It's very permanent because it grows for so long."
 
However, the success of carbon projects hinges not just on financial investment but also on the integration of technology for transparency and accuracy. Recently, investigative reports have found glaring gaps in audits of carbon credit schemes, leading to accusations of "greenwashing" by some of the world's most carbon-intensive companies.
 
In the past year, the carbon market faced significant scrutiny over concerns of over-crediting, stemming from the lack of a clear baseline on what constitutes a carbon credit.
 
Zenz thus emphasised the crucial role of technology in ensuring the integrity of carbon credit projects.
 
"What is important is moving from one-time audit to real-time monitoring," he asserted.&nbsp;
 
Eco Netix now deploys a range of digital tools, including proprietary satellite imagery and remote sensing, to monitor the progress and impact of their projects.&nbsp;
 
This approach addresses the critical challenge of verifying the actual carbon sequestration achieved.&nbsp;
 
"We want to bring the transparency back into the carbon credit market. And we do that by having everything, the whole project, digitally available," he explained.&nbsp;
 
This digital availability encompasses not just the tracking of the projects but also the quantification of the carbon captured, a key metric in determining the success and value of these initiatives.
 
bird story agency&nbsp;

Gulf investors eye Africa's rich biodiversity for carbon offset projects

From historic agreements on Loss and Damage, to transformative declarations on food systems and health, COP28 could mark a monumental shift in how the world addresses environmental challenges. Here are some of the deals announced so far.

bird story agency
 
COP28 has mobilized over $83 billion in funding, setting the pace for a new era in climate action. These include the first ever declarations on food systems transformation and health, plus declarations on renewable energy and efficiency, as well as initiatives to decarbonize heavy emitting industries. The following are the key financing developments at COP28 so far:
 
11 pledges and declarations have been launched and received historic support.
 
On day one of COP28, the Presidency facilitated a historic agreement to operationalize and capitalize funding for Loss and Damage, supporting those on the front lines of the climate crisis with US$792 million already pledged to date.
 
US$3.5 billion in new money was announced to replenish the Green Climate Fund (GCF)&nbsp;
 
US$134 million announced toward the Adaptation Fund
 
US$129.3 million announced toward the Least Developed Countries Fund (LDC)
 
US$31 million to the Special Climate Change Fund (SCCF)
 
UAE launched a US$30 billion catalytic fund, ALTÉRRA, to drive positive climate action. The fund seeks to mobilize an additional US$250 billion globally.
 
The UAE committed US$200 million to help vulnerable countries through Special Drawing Rights (SDRs) and US$150 million to fund water scarcity solutions.
 
The World Bank announced an increase of US$9 billion annually for 2024 and 2025 to finance climate-related projects. Multilateral Development Banks (MDBs) announced a cumulative increase of over US$22.6 billion toward climate action.&nbsp;
 
The full breakdown of pledges and declarations so far:
 
The Global Renewables and Energy Efficiency Pledge has been endorsed by 130 countries.&nbsp;
 
The COP28 UAE Declaration on Agriculture, Food, &amp; Climate has received endorsements from 153 countries.&nbsp;
 
The COP28 UAE Declaration on Climate and Health has been endorsed by 141 countries.&nbsp;
 
The COP28 UAE Declaration on Climate Finance has been endorsed by 13 countries.
 
The Global Cooling Pledge has been endorsed by 66 countries.
 
The COP28 UAE Declaration on Climate Relief, Recovery &amp; Peace has been endorsed by 78 countries and 40 organizations.
 
The COP28 UAE Declaration on Hydrogen and Derivates has been endorsed by 37 countries.&nbsp;
 
The COP28 UAE Declaration on Gender-Responsive Just Transitions has been endorsed by 78 countries.&nbsp;
 
The Coalition for High Ambition Multilevel Partnerships (CHAMP) Pledge has been endorsed by 67 countries.
 
The Oil and Gas Decarbonization Charter has been endorsed by 52 companies, representing 40 percent of global oil production.
 
The Industrial Transition Accelerator has been endorsed by 35 companies and six industry associations, including the World Steel Association, the International Aluminium Institute, the Global Renewable Alliance, the Global Cement and Concrete Association, the Oil and Gas Climate Initiative and the International Air Transport Association.
 
Breakdown of financial pledges and contributions so far:
 
Loss and Damage: US$792 million
 
Green Climate Fund: US$3.5 billion (increasing second replenishment to US$12.8 billion)
 
Adaptation Fund: US$134 million
 
Least Developed Countries Fund: US$129.3 million
 
Special Climate Change Fund (SCCF): US$31 million&nbsp;
 
Renewable Energy: US$5 billion
 
Cooling: US$57 million
 
Clean Cooking: US$30 million
 
Technology: US$568 million
 
Methane: US$1.2 billion
 
Climate Finance: US$30 billion from UAE, US$200 million in Special Drawing Rights, and US$31.6 billion from Multilateral Development Banks (MDBs)
 
Food: US$3.1 billion
 
Nature: US$2.6 billion
 
Health: US$2.9 billion
 
Water: US$150 million
 
Gender: US$2.8 million
 
Relief, Recovery and Peace: US$1.2 billion
 
Local Climate Action: US$467 million
 
birds story agency&nbsp;

COP28: The deals so far

The sentencing of a Chinese illegal gold miner in Ghana highlights a variety of efforts by African governments to curb activities linked to tax avoidance, environmental degradation and worse. 

Bonface Orucho, bird story agency
 
Countries across the continent are moving to quash illegal gold mining, using a variety of methods including formalising the sector, applying more stringent legal processes and even resorting to military intervention, with a Ghanaian court recently sentencing a Chinese national to prison for illegal gold mining,
 
“The court in the capital, Accra, sentenced Aisha Huang to four and a half years imprisonment and a fine of 48,000 Ghanaian cedis ($4,000) for running an illegal mining operation,” Reuters reported of the sentencing on December 4, which brought an end to a trial that started in 2017.
 
Ghana is the 10th largest gold producer in the world, according to a 2023 report by Metal Focus and the country expanded production by 32% in 2022, according to the Ghana Chamber of Commerce.
 
German research firm Statista said gold contributed nearly 7.8 billion Ghanaian cedis (US$1.3 billion) to the economy in 2020. However, illegal mining remains a challenge, depriving the country of substantial economic revenues, with spillover effects being felt in other vital sectors such as cocoa farming, forests, and freshwater systems.
 
Collins Acheamong, a Ghanaian water resources analyst, explained that illegal small-scale miners often use mercury and other toxic chemicals to extract gold, a process which contaminates freshwater systems.
 
"Another concern is its impact on food security. Miners often destroy crops and forests in search of gold. This can reduce the amount of land available for agriculture," he explained.
 
Industry leaders including Ghanaian entrepreneurs believe the recent ruling, while long overdue, is a step in the right direction in dealing with illegal gold mining in the country.
 
Felix Brako, a minerals sector entrepreneur at the Phoaks Minerals Consult, an Accra-based precious metals trading company, said the ruling was welcome.
 
&nbsp;“The devastation caused by the Chinese in Ghana is massive,” he said.
 
"Per the current laws, punishment should be at least 20 years. The charges brought up against her were until 2017, before the revision of the law, and as such, the law can't have retrospective effect. Hence, it warranted the four years given," he explained, highlighting calls for an even longer penalty for the suspect.
 
Beyond the economic benefits of curbing illegal gold mining, there are also safety concerns. Unregulated mining activity has in the past led to the collapse of mines, with informal miners losing their lives or being left with crippling injuries.
 
Ghana has convicted multiple illegal miners in recent months.
 
According to GhanaWeb, a Tarkwa Circuit Court in October jailed 25 illegal miners to a combined 340 years in prison and an additional US US$210,000 in cash penalties for illegal mining.
 
An earlier news item by GhanaWeb published in September details how a different group of six illegal miners from Ankobra in the Prestea Huni-Valley Municipality were sentenced to 120 years in prison by the same Tarkwa Circuit Court.
 
In March 2023 state broadcaster, Ghana News Agency, reported that around 12 Chinese nationals were being tried in the Asante Bekwai Circuit Court for their involvement in illegal gold mining.
 
These recent arrests and convictions confirm renewed momentum in Ghana to curb illegal gold mining and related activities. Other top gold mining countries are also implementing strategies to contain illegal mining activities.
 
In South Africa, some 3,000 military personnel have been deployed in a crackdown on illegal miners, the government announced in late November. More than 30 illegal miners died from a methane explosion in South Africa's Free State province in May.
 
The army-led crackdown has resulted in the arrest and detention of hundreds of illegal miners in recent weeks.
 
A 2023 World Bank advisory report on potential ways to improve the Rainbow Nation's economic prospects suggests crime syndicates associated with illegal mining cost the country up to 10% of its GDP.
 
In Mali, recent developments suggest a keen intention from the administration to increase revenues from resource extraction. In August, the junta-led West African country passed a new mining code that, according to Agence France Press (AFP), allows the state to take up to 30 per cent stakes in new mineral projects. Part of the plan is to engage cooperatives in artisanal and small-scale gold mining - a proactive way of stamping out illicit activities by informal miners.&nbsp;
 
Initiatives like these appear to have worked elsewhere. According to Zimbabwe's Minister of Mines and Mining Development, Soda Zhemu, artisanal and small-scale miners now generate over 50% of the nation's gold, after the country took steps to formalise illicit miners by offering ownership schemes and validating claims.
 
A 2020 Tax Justice Network Africa report showed that the continent lost approximately US$40 billion linked to illicit financial flows in the extractive sectors, of which 77% emanated from gold, 12% from diamonds, 6% from platinum, and 5% from other extractive commodities.
 
“We're hoping her incarceration will have an effect, no matter how small,” Brako explained.
 
bird story agency
 
Useful links: https://www.reuters.com/world/africa/ghana-court-jails-chinese-national-over-illegal-gold-mining-2023-12-04/
https://www.statista.com/statistics/1272300/annual-contributions-of-gold-to-gdp-in-ghana/#:~:text=Annual%20contributions%20of%20gold%20to%20GDP%20in%20Ghana%202013%2D2020&amp;text=In%202020%2C%20gold%20in%20Ghana,added%20of%20the%20precious%20metal.
https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Twenty-five-persons-jailed-for-galamsey-offences-in-Tarkwa-1855682

Illegal gold mining in the firing line  ⛏️🧈 💎

While scholars have long acknowledged that elephants possess intricate cognitive abilities a South African team recently uncovered and documented groundbreaking details about elephant communication using fossil records. 

Bonface Orucho, bird story agency
 
Researchers in South Africa have unearthed groundbreaking evidence that sheds light on the ancient communication methods of elephants.
 
A research team led by Charles Helm of the African Centre for Coastal Palaescience at Nelson Mandela University in South Africa published the report on ScienceDirect, a scientific research journal, in September 2023.
 
The team discovered 35 fossilized elephant track sites, some of which are the first-ever trunk-drag impressions, marking a significant stride in the ongoing quest to decipher the intricate communication modes of these colossal creatures.
 
“These have been noted in South African Pleistocene coastal deposits, in apparent association with elephant tracks,” the scholars explain in the research paper published in September 2023.
 
Helm, quoted in a review of this discovery on The Conversation, emphasizes the importance of this breakthrough.&nbsp;
 
He highlights that over the past 15 years, his team has identified more than 350 track fossils of various vertebrates along South Africa’s Cape South coast.
 
“Elephants, like another group of massive land creatures, dinosaurs, can be viewed as geological engineers that create minor earth-moving forces on the ground they walk(ed) on,” he explains.
 
The report introduces the concept of seismic waves, describing how earth vibrations, caused by movements or rumbles from elephants, can travel beneath the surface for up to 6km, enabling elephant groups to interact across substantial distances.
 
This seismic communication, as noted by phys.org, is not exclusive to elephants; it has been observed in small animals, insects, and even elephant seals.
 
While different researchers have in recent years attempted to offer evidence-based explanations for these complex communications, the South African discovery stands out as the most consequential.
 
Helm explained how in 2019, the research team first discovered a cluster of fossil elephant tracks that was a round feature, 57cm in diameter, containing concentric ring features off the coastline of De Hoop Nature Reserve, about 200km east of Cape Town.
 
A second discovery was made in the same year, less than 2 meters away from the initial site, and was exposed about 7cm below the surface. It contained at least 14 parallel groove features that were approaching the rings.
 
“We hypothesized that they were connected with each other and appeared to have a common origin,” Helm shares in the article.
 
“We postulate that vibrations from rumbling travelled down the elephant limb and created the concentric ring features,” he adds.
 
This discovery opens up the fine details of the world of elephants, the largest living land mammals that are not only complex in stature but also in their unique cognitive abilities.
 
To ensure the continuity of research on elephant seismicity, Helm stresses the importance of integrating three bodies of knowledge: research on existing elephant populations, ancestral knowledge often depicted in rock art, and the trace fossil record.
 
The findings also underscore the increased need for elephant conservation at a time when their numbers are rapidly declining. According to the African Elephant Status Report by the Elephants Protection Initiative Foundation, Africa is currently home to about 415,000 elephants—a stark drop from over 1.3 million in 1979.
 
Disturbingly, recent reports from Tanzania highlight the killing of two super tuskers with tusks weighing at least 100 pounds by trophy hunters in the West Kilimanjaro area, further underscoring this underlying urgency for conservation.&nbsp;
 
Africa Geographic reports that two suspected hunting companies are responsible for the killing and burning of elephant carcasses, indicating the ongoing threats faced by these majestic animals.
 
Despite these challenges, some African countries are taking proactive measures to counter the illegal wildlife trade. Nigeria, for instance, recently crushed over US$11.2 million worth of ivory, joining efforts with countries like Kenya, South Africa, and Gabon to implement stringent measures against wildlife trafficking.&nbsp;
 
These initiatives offer a glimmer of hope in the battle to preserve these iconic species and their intricate ecological roles.
 
Research on elephant seismicity is on the rise, with scholars from across the world considering the African elephant for their study. The African elephant is the largest elephant species existing globally.
 
In Mpala Research Centre, a Kenya-based cattle ranch and wildlife area in Laikipia County, researchers are investigating how and why elephants communicate via seismic vibrations. Past studies have also been undertaken in Namibia’s Etosha National Park.
 
bird story agency
 
Useful link: https://theconversation.com/unusual-ancient-elephant-tracks-had-our-team-of-fossil-experts-stumped-how-we-solved-the-mystery-216548

South African researchers are tracing the vibrational language of elephants - using fossils 🦣 🇿🇦

Data analysis platform Statista estimated in 2021 that there were more than 2000 active African languages. Technological advancements like AI translation tools are helping to harness the power of language beyond celebrating cultural heritage. However, an understanding of the unique features of key languages is important to an understanding of Africa's diverse cultures.

1. Swahili is primarily spoken in East and Central Africa and has links to hundreds of dialects since it’s predominant in the Bantu family of African languages. Spoken by as many as 150 million people, it’s an official language in Tanzania, Kenya, and the Democratic Republic of Congo, and has been adopted as a working language by the African Union due to its cultural and economic significance.&nbsp;
 
2. Igbo is spoken primarily in Nigeria. It’s a tonal language, so the meaning of the word is based on the pitch the speaker applies to it. It has several decentralized dialects, that share an emphasis on the meaning of names, and a heavy use of proverbs and parables.
 
3. Hausa The Afroasiatic group of languages is one of the world’s largest and oldest. Hausa is the most spoken language in that ethnolinguistic family, facilitating trade and interpersonal communication across West Africa.
 
4. Oromo is spoken in Ethiopia, Kenya, Somalia, and Egypt by over 35 million people. A distinct aspect of the language is the ”creaky or popping sound” produced as the speaker pronounces consonants. It’s part of the Cushitic group of languages spoken by people who share a similar culture and history in Northeast Africa &nbsp;&nbsp;
 
5. Yoruba is spoken mostly in Nigeria, Benin, and Togo. It’s also a tonal language. The extensive Yoruba vocabulary is rich in greetings, proverbs, metaphors, folklore, and synonyms.
 
6. Amharic is the official language of Ethiopia. It’s the second-most spoken Semitic language in the world after Arabic, with most of its speakers in Ethiopia and neighbouring Eritrea. It has a complex 33-character alphabet called Fidel, and a rich literary history that dates back to the 13th century.
 
7. Fulfulde (Fulani) is spoken across West and Central Africa. While most African languages are found in a specific area, Fulfulde is spoken widely, across diverse regions. Researchers describe Fulfulde as a “linguistic outlier” because it has few commonalities with other major languages in West Africa.&nbsp;
 
8. Zulu is an official language in South Africa. The language is also tone-based - like Oromo, Igbo, and Yoruba. The use of clicks alongside consonants is one of Zulu’s most intriguing features. Its oral tradition includes poetry, proverbs, and historical accounts.&nbsp;
 
9. Mandinka has over 12 million speakers in the West African countries of Guinea, Mali, Senegal, Gambia, Guinea-Bissau, Ivory Coast, and Burkina Faso. The strong oral tradition fostered by this language was further entrenched by griots - famed storytellers, who were the custodians of historical accounts and cultural knowledge.&nbsp;
 
10. Shona is spoken in Zimbabwe. Another tonal language, Shona's use of high tones for religious communication and low tones for ordinary dialogue set it apart. Much of Shona’s vast vocabulary is linked to family and social structures.
 
Useful links:&nbsp;
https://www.pangea.global/blog/10-most-popular-african-languages/
https://www.fluentu.com/blog/languages-spoken-in-africa/
https://www.statista.com/statistics/1280625/number-of-living-languages-in-africa-by-country/#:~:text=Africa%20boasted%20a%20repertoire%20of,communication%20across%20all%20age%20groups.

bird TenX: Hailing 10 of Africa's most spoken languages

Higher benevolence rates among Millennials and Generation Z- post-COVID-19 pandemic - are helping to improve life evaluations on the continent, as these two African countries emerge among the top 10 globally for the highest increase in happiness levels. 

Conrad Onyango, bird story agency
 
The Republic of Congo and Togo are amongst the countries that have seen happiness levels amongst their citizens increase the most over the past 12 years.
 
The two African countries are listed among seventeen countries globally that recorded increases in average life evaluations of a full point or more.
 
The World Happiness Report 2024 ranks the Republic of Congo in fourth place globally (with 1.40 points) for the biggest increase in happiness levels, after Serbia (1.84 points), Bulgaria (1.57 points) and Latvia (1.47 points ), mostly thanks to increases among their youth populations.
 
Togo closed the world’s top 10 most improved (with 1.20 points).
 
While negative emotions have been on the rise around the globe, the report notes that higher frequencies of positive emotion are outdoing negative feelings in Africa, as Millennials and Generation Z become more socially connected online and helpful to each other post-pandemic compared to over 10 years ago.
 
“The frequency of positive emotions in every region is highest for those under 30, thereafter steadily declining with age in every region...In Sub-Saharan Africa life satisfaction has increased among the young,” said the report.
 
According to a report, during the early years of the Gallup World Poll (2006-2010), the happiest group was the young, followed by those over 60, and those aged 30 to 44. However, it notes that recently there has been a slight decline in average happiness as age increases worldwide.&nbsp;
 
Overall, Congo Brazzaville is ranked fifth in Africa and 89th in the world, with its young population being the happiest in the country, while Togo is ranked 27th in Africa and 124th globally, with its upper middle-aged population being the biggest happiness driver.&nbsp;
 
Libya is ranked 66th in the world and leads in Africa with the happiest population thanks to a middle-aged population whose happiness has been buoyed by a resurgence in political stability following an end to the country’s second civil war in 2020.&nbsp;
 
Mauritius is the second happiest country in Africa and 70th globally, with its older population being the happiest in the country. South Africa is ranked 83rd globally and is the third happiest country in Africa.
 
In North Africa, happiness is highest among the young, especially young females, and then falls steadily before rising again for women 60 and over.&nbsp;
 
“Overall, globally, young people aged 15-24 experienced improved life satisfaction between 2006 and 2019, and stable life satisfaction since then,” according to the report.
 
The report is based on surveys conducted by the Gallup World Poll, which involved approximately 1,000 respondents from almost every country. One of the questions asked the respondents to rate their current life on a scale of 0 to 10, with 0 being the least happy and 10 being the most happy.&nbsp;
 
The report also used data from the Meta-Gallup Global State of Social Connections survey, which was included in the 2022 round of the Gallup World Poll for 140 countries.&nbsp;
 
It showed how generational differences in feelings of social support, loneliness, and being socially connected relate to six types of reported social interactions and to overall life evaluations.&nbsp;
 
The data sets revealed that there has been a significant increase in benevolence following the COVID-19 pandemic for all generations and mostly so for Millennials and Generation Z. These younger generations it found are more likely than their predecessors to help others in times of need.
 
“Feelings of social support &nbsp;have been more than twice as prevalent as loneliness in 2022. Both social support and loneliness affect happiness, with social support usually having the larger effect. Social interactions add to happiness, with their effects flowing through increases in social support and reductions in loneliness,” explained the report.
 
bird story agency

Congo and Togo record Africa’s highest increase in happiness levels 🇹🇬 🇨🇬

The Next Wave

TechSafari

Big Tech This Week

🌍 Access Bank is growing its African footprint! The Nigerian banking giant has secured a provisional license from the Central Bank of Namibia, allowing it to operate for six months starting October 2024. This move marks a major milestone in its continental expansion strategy. 🚀

Access Bank, Nigeria’s largest bank by assets, has received a provisional banking license from the Central Bank of Namibia (BON), effective October 4, 2024. This expansion is part of the bank’s broader African growth strategy, aiming to tap into the opportunities provided by the African Continental Free Trade Area (AfCFTA) and diversify revenue streams.
 
Key Highlights:
<ul>
 <li>🌍 African Expansion: Access Bank plans to expand into 26 countries within the next five years, including the US, France, Hong Kong, and several African markets.</li>
 <li>💼 Namibia’s Banking Sector: With a robust financial industry valued at N$166.3 billion ($9.47 billion), Namibia presents a promising market for Access Bank to compete against local giants like FNB Namibia and Standard Bank Namibia.</li>
 <li>📈 Strategic Moves: Earlier in 2024, Access Bank also acquired ARM Pensions, adding ₦3 trillion in assets and 2 million retirement accounts to its portfolio.</li>
</ul>
 
With its eyes on new territories, Access Bank continues to solidify its position as a leading player in African banking and financial services.
 
Read more on <a href="https://www.benjamindada.com/access-bank-namibia-license-african-footprint/">BenjaminDada</a>

Access Bank Secures Namibia License, Expands African Operations

Africa's digital content landscape is transforming, thanks to a strategic partnership between Carry1st and Audiomack. By simplifying payments for gaming and music subscriptions, they are breaking barriers and reaching millions of underserved consumers. This collaboration taps into Africa's youthful digital appetite, unlocking new growth potential.

🎮🎶 Carry1st, Africa’s leading mobile games publisher, has teamed up with Audiomack to make digital payments easier across the continent. This partnership enables users to access premium gaming and music services via local payment methods, breaking through the continent’s fragmented digital payments space where credit card access is low. With Pay1st, Carry1st’s payment solution, Audiomack’s 30 million monthly users can now seamlessly subscribe to premium features, tapping into Africa's growing digital content consumption.
 
<ul>
 <li>This collaboration expands Carry1st’s influence beyond gaming, embracing Africa's booming music and entertainment sector.</li>
 <li>Audiomack, known for its focus on Afrobeats and hip-hop, is Africa's top music streaming platform on iOS in multiple countries like Nigeria and Kenya.</li>
 <li>The partnership reflects a broader trend of cross-industry collaboration in Africa’s digital economy, as companies explore innovative ways to enhance user experience and monetize content.</li>
</ul>
 
This move highlights the importance of adopting localized solutions for Africa’s digital payments, and its success depends on adapting to regional market conditions. As Africa's mobile-first economy grows, expect more companies to follow this trend. 🌍💳
This social media-ready format emphasizes key points with emojis and highlights relevant insights to catch readers’ attention.
 
 
Read more on <a href="https://www.benjamindada.com/carry1st-partners-audiomack-for-payments/">BenjaminDada</a>

Carry1st Partners with Audiomack to Simplify Digital Payments for African Consumers

Uber is shifting gears from just ride-hailing to becoming a global travel hub. By offering boat, yacht, and safari experiences across Europe and Africa, the company is eyeing a larger piece of the tourism market. Is this the future of travel? 🚤🦁

Uber Takes Aim at Tourism with New Travel Experiences 🚤🦁
Uber, known for revolutionizing the ride-hailing industry, is now stepping into tourism by offering unique travel experiences across Europe and Africa. From yachts in Ibiza to safaris in South Africa, Uber aims to cater to the growing demand for immersive, luxury travel.
 
Key Highlights:
<ul>
 <li>New Offerings: Uber launches yacht tours in Spain, boat rides in Venice and Greece, and Uber Safari in South Africa.</li>
 <li>Strategic Expansion: With 55% growth in demand for mobility services in tourist hotspots, Uber is capitalizing on this trend by diversifying its services to tap into the lucrative travel market.</li>
 <li>Uber Safari: The latest addition, allowing tourists to experience South Africa’s wildlife with a $200 safari trip.</li>
</ul>
 
Uber’s latest ventures align with its goal of becoming a one-stop travel platform, offering more than just rides. This strategic expansion comes after a profitable Q2 2023, positioning the company for long-term growth beyond ride-hailing.
 
🌍💼 From ride-hailing to complete travel solutions, Uber continues to expand its horizons, offering one-of-a-kind experiences across continents.
 
 
Read more on <a href="https://www.benjamindada.com/ride-hailing-but-for-travel-uber-targets-tourism-in-new-drive/">BenjaminDada</a>

🚗 Uber Expands into Tourism: Yacht, Boat, and Safari Rides Now Available 🌍

Exciting times ahead for Egyptian fintech! Lucky ONE has just raised $3 million in a convertible debt round to boost its credit platform and venture into new regional markets. This latest funding marks a significant milestone in their mission to provide innovative financial solutions across Egypt and beyond. 🚀

<h3>Lucky ONE, an Egyptian fintech company, has successfully raised $3 million in a convertible debt round with support from existing backers including Lorax partners, KEM, and DisrupTech Ventures. Founded in 2019 by Ayman Essawy, Momtaz Mousa, and Marwan Kenawy, Lucky ONE offers a variety of financial services such as credit, cash backs, and discounts both in-person and online. This new investment will be utilized to enhance its credit platform and facilitate entry into new regional markets, targeting Q1 2025 for these advancements.</h3>
<h3> </h3>
Key Highlights:
<ul>
 <li>Lucky ONE secured $3 million in a convertible debt round.</li>
 <li>Investors include Lorax partners, KEM, and DisrupTech Ventures.</li>
 <li>Funds will be used to expand the credit platform and enter new regional markets.</li>
 <li>Founded in 2019 by Ayman Essawy, Momtaz Mousa, and Marwan Kenawy.</li>
 <li>Previous funding includes a $25 million Series A round in 2022.</li>
 <li>CEO Momtaz Mousa expressed confidence in achieving profitability with this new capital.</li>
</ul>
Quote from CEO:“We are thrilled to announce the successful closing of this funding round, this investment is a testament to the confidence our investors have in our vision and our ability to deliver innovative financial solutions to the underserved Egyptian market,” said Momtaz Mousa.
 
Impact:
<ul>
 <li>The new funding signifies a major growth milestone.</li>
 <li>Expansion plans include extending the credit platform services and entering new regional markets over the next two years.</li>
</ul>
Lucky ONE’s journey continues to inspire as they set their sights on new horizons, driving financial innovation and inclusion across Egypt and the region. 🌟
Feel free to use this summary and formatting for your social media and other platforms to engage your audience effectively! 😊
 
 
Read more on <a href="https://www.benjamindada.com/lucky-one-secures-3-million-to-expand/">BenjaminDada</a>

Egyptian Fintech Lucky ONE Secures $3M to Expand Credit Platform and Regional Operations 🇪🇬

📈 Netflix has increased its subscription prices in Nigeria for the second time this year, causing concern among subscribers already grappling with economic hardships. Discover how the new rates are affecting Nigerian viewers and what it means for the future of streaming in the region. 🎥🇳🇬

<h3>Netflix's Second Price Hike in Nigeria This Year</h3>
<ul>
 <li>New Pricing Structure: Netflix has announced a price increase for its Nigerian subscribers, the second this year:Premium Plan: From ₦5,000 ($3.14) to ₦7,000 ($4.40) 
Standard Plan: From ₦4,000 ($2.51) to ₦5,500 ($3.46) 
Mobile Plan: From ₦2,200 ($1.38) 
Basic Plan: From ₦3,500 ($2.20) 
</li>
 <li>April Price Revision: Earlier in April, Netflix increased prices for the premium plan from ₦4,000 ($2.76) to ₦5,000 ($3.14), and standard plan from ₦3,600 ($2.26) to ₦4,000 ($2.51). The mobile plan rose to ₦1,600 ($1.01) from ₦1,200 ($0.75), while the basic plan remained at ₦2,900 ($1.82).</li>
 <li>Strategic Adjustments: These price hikes align with Netflix's broader strategy to periodically revise subscription rates to support revenue and content growth. Similar adjustments have been made in key markets like the US, UK, and France.</li>
 <li>Ad-Supported Tier: Netflix has introduced a "basic with ads" tier in various countries, offering a cheaper subscription option for those willing to watch ads.</li>
 <li>Economic Impact: The recent devaluation of the Naira, rising inflation, and high living costs in Nigeria are making it difficult for many subscribers to afford these increased prices. With declining spending power and a shrinking middle class, streaming services may become less of a priority.</li>
</ul>
 
Netflix's price adjustments reflect its efforts to balance competitiveness and content quality, but economic challenges may force many Nigerian subscribers to reconsider their streaming budgets. 📺📉
 
 
Read more on <a href="https://www.benjamindada.com/nigerian-subscribers-struggle-to-keep-up-as-netflix-increases-subscription-prices/">BenjaminDada</a>

Netflix Price Hike in Nigeria: Subscribers Struggle Amid Economic Challenges 📺📉 🇳🇬

Mira has launched its new Register POS system to revolutionize the food and retail industry in Africa. This advanced system is set to transform how businesses process orders, handle payments, and manage inventory. Discover how Mira is poised to change the $4.7 trillion global hospitality market.

<h3>Mira has introduced the Mira Register, an advanced POS system aimed at digitizing food and retail businesses across Africa. Initially offering free restaurant software and generating revenue through transaction commissions, Mira has evolved to provide a comprehensive hardware solution. The Mira Register features a suite of tools, including dual displays, a receipt printer, and a barcode scanner, all managed by robust software.</h3>
<h3> </h3>
Key Features:
<ul>
 <li>Streamlined Ordering: Customers can browse digital menus, place orders, and split bills using QR codes.</li>
 <li>Comprehensive POS System: The Mira Register includes hardware and software to manage orders, payments, and inventory efficiently.</li>
 <li>Affordable Solution: Priced at ₦360,000 with a 12-month installment plan, it's accessible for small to medium businesses.</li>
</ul>
Impact and Expansion:
<ul>
 <li>Mira has over 200 restaurants on its platform, with clients like Olaiya Foods and Grey Matter.</li>
 <li>The system is designed to address customer feedback and improve operational efficiency.</li>
 <li>Mira aims to expand further by offering value-added services like inventory financing and payroll management.</li>
</ul>
Mira's journey started with a QR code-based order system, but customer demand for more efficient solutions led to the creation of the Mira Register. This new system is set to provide a seamless integration between POS and back-office software, significantly enhancing the management capabilities for businesses in Africa.
 
<h3>Important Highlights</h3>
<ul>
 <li>Mira Register: A new, holistic POS system for food and retail businesses.</li>
 <li>Customer-Centric Development: Built based on valuable feedback and practical needs.</li>
 <li>Expansion Plans: Aiming to introduce additional services and partnerships to empower African businesses.</li>
</ul>
This innovation by Mira signifies a substantial step forward in digitizing and streamlining operations for African food and retail industries, promising enhanced efficiency and growth opportunities.
 
 
Read more on <a href="https://www.benjamindada.com/mira-register-digitise-food-retail-businesses-africa/" rel="noopener" title="https://www.benjamindada.com/mira-register-digitise-food-retail-businesses-africa/">BenjaminDada</a>

Mira Register: Revolutionizing POS for African Food and Retail Businesses

Nala, the Tanzanian fintech startup, has secured $40 million in Series A funding led by Acrew Capital, marking a significant milestone in its mission to transform the African payments landscape. As Nala expands its B2B payments platform, Rafiki, it aims to tackle long-standing remittance challenges, ensuring seamless and cost-effective cross-border transactions. This funding surge positions Nala as a key player in Africa’s burgeoning fintech sector.

<h3>Nala, a Tanzanian fintech startup renowned for its affordable money transfer services, has raised $40 million in a Series A round led by Acrew Capital, with contributions from DST Global, Norrsken22, and notable angel investors Ryan King and Vlad Tenev. This oversubscribed funding round highlights investor confidence in Nala’s vision and growth potential.</h3>
<h3> </h3>
<ul>
 <li>Expanding Footprints: Initially focused on remittance services, Nala’s consumer app enables money transfers across 249 banks and 26 mobile money services in 11 African markets. The integration with Kenya's M-Pesa allows users to pay local bills directly into mobile wallets, leveraging legacy mobile money infrastructure.</li>
 <li>B2B Payments Platform - Rafiki: In March 2024, Nala launched Rafiki, integrating directly with banks and mobile money providers to address remittance challenges. Rafiki aims to empower global businesses to trade more effectively with Africa by facilitating seamless cross-border payments.</li>
 <li>Growth Projections: The World Bank projects a 1.5% growth in remittance flows to sub-Saharan Africa in 2024, reaching $54 billion. Nala plans to expand Rafiki to emerging markets in East Asia, the Pacific, South Asia, Latin America, and the Caribbean, aligning with these growth trends.</li>
 <li>Reducing Costs: The global average cost of sending $200 is 6.4%, while digital remittances are comparatively cheaper at 5%. Nala focuses on reducing transaction costs and enhancing reliability to attract a larger user base and gain a competitive edge over traditional platforms.</li>
 <li>Scaling Operations: Founder and CEO Benjamin Fernandes emphasizes reinvesting the new funds to enhance infrastructure and ensure reliable, low-cost payments. Recent strategic hires from Wise and Currency Cloud bring valuable expertise to support Nala’s expansion.</li>
 <li>Industry Impact: Nala’s success underscores the potential of African fintechs to innovate and address market challenges. By building its payment rails and integrating directly with financial institutions, Nala sets a new standard for reliability and cost efficiency in digital payments, inspiring similar strategies across the fintech industry.</li>
</ul>
Nala’s innovative approach and robust funding position it as a front-runner in Africa’s fintech landscape, poised to revolutionize cross-border payments and foster economic growth across the continent.
 
 
Read more on <a href="https://www.benjamindada.com/nala-raises-40-million-series-a/">BenjaminDada</a>

Tanzania's Nala Secures $40M to Revolutionize African Payments Infrastructure 🇹🇿

Uganda's decision to hike import duties on electric and hybrid vehicles by 25% reflects a shift towards local production and sustainability goals, impacting prices and investor sentiments.

Uganda has increased import duties on electric vehicles by 25%, responding to a surge in imports from 26 units to 420 units within a year. The move aims to promote local production and reduce reliance on imported eco-friendly vehicles, but has drawn criticism from car dealers concerned about increased costs and unpredictable tax policies. Despite challenges, Uganda plans to boost domestic production through initiatives like exempting manufacturers meeting local employment and raw material criteria from certain taxes, while targeting electric bus exports to regional markets.
 
 
Read more on <a href="https://www.benjamindada.com/uganda-reinstates-import-duties-on-all-electric-vehicles/">BenjaminDada</a>

Uganda Imposes 25% Import Duties on Electric and Hybrid Vehicles Amid Surge in Imports 🇺🇬

Zimbabwe is taking a giant leap towards sustainable energy with the installation of floating solar panels on Kariba Dam. This project aims to combat energy shortages and sets a remarkable example for renewable energy initiatives across Africa.

<h3>In a groundbreaking move, Zimbabwe plans to install floating solar panels on the Kariba Dam, Africa's largest man-made dam. This innovative project aims to address the nation's energy shortages and enhance sustainable energy solutions.</h3>
 
🔹 Key Points:
<ul>
 <li>Project Launch: The solar panel installation is set to begin early next year.</li>
 <li>Initial Capacity: The project will start with 150 megawatts of solar power on the Kariba Dam.</li>
 <li>Private Sector Involvement: Companies have applied to install an additional 600 megawatts.</li>
 <li>Government Commitment: The initiative underscores the government's dedication to expanding renewable energy technologies.</li>
 <li>Broader Impact: Plans are also underway to install floating panels at the Mutirikwi Dam, showcasing Zimbabwe's efforts to diversify its energy sources.</li>
</ul>
 
🌍 Why It Matters:Zimbabwe's innovative approach to tackling energy shortages highlights the importance of renewable energy in combating power outages and environmental challenges. The move towards floating solar panels not only leverages existing water infrastructure but also sets a precedent for sustainable energy solutions in Africa and beyond.
<h3> </h3>
Stay tuned for more updates on Zimbabwe's ambitious plans to revolutionize its energy landscape! 🌞💡
 
 
Read more on <a href="https://www.benjamindada.com/zimbabwe-to-install-floating-solar-panels/">BenjaminDada</a>

Zimbabwe's Floating Solar Panels: A Sustainable Solution for Energy Shortages on Africa's Largest Dam 🇿🇼

Africa Data Centres, a division of Cassava Technologies, has secured over $109 million in funding from Rand Merchant Bank to enhance its data center capacity in South Africa by an additional 20MW. This move solidifies ADC's leading position in the African data center market.

<h3>Key Highlights:</h3>
<ul>
 <li>Significant Funding: ADC secures over $109 million to boost data center capacity.</li>
 <li>Expansion Goal: Plans to increase South African capacity by 20MW.</li>
 <li>Commitment to Growth: Supports digital transformation for customers.</li>
</ul>
 
“This funding is a significant milestone in the growth of Africa Data Centres,” said Hardy Pemhiwa, President &amp; Group CEO of Cassava Technologies. “It underscores our commitment to growth and our confidence in the future of the South African data centre market.”
 
In 2021, ADC committed $500 million to launch the largest data center expansion plan in Africa, aiming to build 10 new hyperscale data centers across 10 countries. This new funding marks another step towards achieving this ambitious goal.
 
🔗 Related Tags: #AfricaDataCentres #DigitalTransformation #TechExpansion #DataCentreFunding #SouthAfricaTech
 
 
Read more on <a href="https://www.benjamindada.com/africa-data-centres-secures-109m-expand-operations/">BenjaminDada</a>

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