Author: Akin Naphtal

The United Nations Economic Commission for Africa (ECA) and Google have signed a Memorandum of Understanding (MoU) to propel and expedite digital transformation across Africa. The agreement was made on the sidelines of the Africa Business Forum 2024, held on Monday 19th February at the UN Conference Centre, Addis Ababa, Ethiopia. The forum, themed, “Boosting Africa’s transformation through education, science, technology, and innovation,” aims to promote an ongoing dialogue between Africa’s private and the public sectors to accelerate collective efforts towards realizing the 2030 Agenda for Sustainable Development and Agenda 2063. This partnership capitalises on the strengths of both entities,…

RS South Africa, a trading brand of RS Group plc, a global leader in industrial product and service solutions, has announced its participation in the upcoming Mining and Technical Exhibitions (MTE) Show scheduled for 8th March 2024, in Jwaneng, Botswana. With over 80 years of technological expertise, RS Group plc has established itself as a premier provider of Maintenance, Repair, and Operations (MRO) solutions for industrial customers worldwide. The company’s commitment to excellence in technology and service has positioned it as an industry leader, offering comprehensive solutions tailored to the unique needs of businesses across diverse sectors. MRO procurement plays…

The Islamic Development Bank Institute (IsDB Institute) has concluded a three-day bespoke Islamic banking and finance capacity-building program which was aimed at bankers and financial sector experts from the Republic of Uzbekistan. Held from 11-13 February 2024 in Jeddah, Saudi Arabia, the program, organised under the theme “Creating Value and Realising Business Opportunities in Islamic Finance,” saw collaboration between the IsDB Institute and Islamic Business and Finance LLC of Uzbekistan. Focusing on fostering competitiveness and innovation in Shari’ah-compliant financial products tailored for Uzbekistan’s financial landscape, the program hosted 16 participants who engaged in a series of 10 sessions. These sessions…

Mamamoni, a Nigerian fintech social enterprise, has received €200,000 in funding from the Challenge For Youth Employment (CFYE). The CFYE is funded by the Netherlands Ministry of Foreign Affairs, has worked with organisations such as SheLeads Africa, ReelFruit, Utiva, Stutern, and Co-Creation Hub in Nigeria, and has over 30 businesses in its Africa portfolio. The funding, which will be provided over two years and is based on Mamamoni’s ability to meet certain milestones, will be used to expand its network of female agents. VFD Microfinance Bank will assist in this process. Mamamoni was founded in 2014 by Nkem Okocha to…

Luno, a cryptocurrency company, announced recently that it will now provide monthly proof-of-reserves reports to its customers to demonstrate that their funds are secure. Luno says it is collaborating with Moore Johannesburg, a South African accounting and business firm, to provide monthly reports that include Merkle Tree functionality and monthly verifications to improve reporting transparency. The crypto asset custodian and exchange platform stated that this new process will ensure that it keeps all customer digital assets in a 1:1 ratio, implying that each customer’s investments are consistent with the showcased balances in their Luno wallets. Established in 2013, the Luno…

Arnergy, a Nigerian clean tech startup, has raised $3 million in funding from All On, an off-grid energy impact investment company, to scale and accelerate adoption. This news follows Arnergy’s $9 million Series A round in 2019 from All On, Breakthrough Energy Ventures, ElectriFI, and Norfund. The company is also preparing to raise funds in its Series B round, expected to close this quarter, to expand operations and increase the adoption of its renewable energy products and solutions. Femi Adeyemo and Kunle Odebunmi founded the startup in 2013, specialising in distributed renewable energy products and services for businesses and homes.…

IHS Cameroon has launched the ‘Tower Kiosk by IHS Cameroon’ initiative to provide connectivity and digital services to rural communities in Cameroon’s northwest and southwest regions. The kiosks opened in three communities — Idenau, Santa, and Tombel — and will provide free Internet access while supporting local businesses and entrepreneurs. It would also serve as a digital infrastructure for eCommerce, e-education, e-health, and e-governance operations. The kiosks will collect health-related data from the community. Cameroon’s Prime Minister, Dr Joseph Dion Ngute, was present at the unveiling, as were dignitaries from the two regions where it was launched. Furthermore, by 2025,…

The Central Bank of Nigeria (CBN) has taken steps to reform the process of accessing Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) by instructing all authorised dealer banks to discontinue cash payments. According to a circular issued on Wednesday, 14th February, 2024, all payments for PTA and BTA must now be processed electronically, including debit and credit card transactions. The directive, outlined in a circular titled “Allowable Channels for Payout Of Personal Travel Allowance (PTA) And Business Travel Allowance (BTA),” explicitly prohibits authorised banks from paying PTA and BTA in dollar cash. Signed by the Director of the…

UK-based emobility startup, OX Delivers, has secured a £1.2 million funding grant from Energy Catalyst, as it pursues a program aimed at driving inclusive clean energy transitions across Global South regions in Africa, Asia, and Indo-Pacific communities. The grant from Energy Catalyst will be instrumental in funding the development of a sustainable energy infrastructure in Rwanda, where OX Delivers plans to roll out its upcoming, all-electric OX4 truck. This initiative aims to provide a seamless and efficient transport-as-a-service solution for individuals and businesses, particularly in regions with poor road infrastructure. OX Delivers has already made significant strides in Rwanda, offering…

Leading digital payments company, Mastercard, has appointed Folasade Femi-Lawal as the new Country Manager and Area Business Head for West Africa, taking over from Ebehijie Momoh, who has held the position since 2019. As Country Manager, Folasade’s job is to drive the Mastercard’s strategic vision, innovation and growth agenda, in addition to strengthening partnerships with key stakeholders, and helping the company achieve its goal of building a more connected and inclusive digital economy in West Africa. Who is Folasade Femi-Lawal? Folasade Femi-Lawal holds over 25 years of experience from serving in financial services, management consulting, telecommunications, and business advisory services.…