The unemployment rate in South Africa has reached a new record at 32.6% over the first three months this year. During the previous quarter, the rate was 32.5%. Figures were revealed yesterday June 1 by the national stats agency. “The number of employed persons decreased by 28,000 to 15 million in Q1 2021, while the number of unemployed persons increased by 8,000 to 7.2 million compared to...

Nigerian fintech company OPay, which specializes in the provision of mobile payment services, has entered into discussions with investors to raise nearly $400 million, media sources reported. Once confirmed, the deal would make OPay an African unicorn valued at over $1.5 billion. The company, which has recently expanded its activities in North Africa and more specifically in Egypt,...

The African Development Bank Group (AFDB) has approved $84.22 million in financing to supply power to about 80,000 rural households in the southern part of Rwanda. The financing comes in two tiers; a loan of $36.77 million from the Bank’s African Development Fund, and a $47.45 million African Development Fund grant. The project is in line with the Rwanda Universal Energy Access...

Kenya is expecting a total of $1.16 billion in two financing operations from the World Bank and the International Monetary Fund in June. The information was reported this week by the Governor of the Central Bank of Kenya (CBK), Patrick Njoroge, during a press conference. According to the official, about $750 million is expected from the World Bank within the next two weeks. Aimed at...

The investigation launched last March 31 by the Egyptian government into the Ever Given case found the ship’s captain fully guilty of the blockage of the Suez Canal between March 23 and 29.  Speaking during a press conference on May 30, El-Sayed Sheisha, Head of Suez Canal Authority’s investigation team, said the accident occurred after the crew onboard made wrong maneuvers due to...

The World Bank announced on Thursday, May 27, that it has granted Tanzania $150 million as part of the Digital Tanzania Project (DTP), one of three national projects for which the international financial institution has released a total of $850 million. The money received for the DTP will be used to increase access to quality broadband Internet services for government, businesses, and...

The Agri-Business Capital Fund (ABC Fund), which invests in small-scale farmers and rural businesses in developing countries, annouced an investment of €1 million in three agribusinesses in West Africa. The first facility of €450,000 will be allocated to Kaworo, a Burkinabe cereal and seed producer. Kaworo will use the money to purchase cereals for the 2021-2022 agricultural...

Chad accused the Central African Republic army of having committed a "war crime" against its soldiers. Chérif Mahamat Zene, the Chadian Foreign Minister, made the announcement in a statement issued today May 31. N'djamena says Bangui carried out an attack against its troops deployed on the Chadian territory not far from the border between the two countries. "The Government of the Republic of...

Chipper Cash, a fintech platform that offers cross-border money transfer services, has raised $100 million in Series C funding to introduce more products and grow its team. With three years in existence, the company has a presence in Ghana, Uganda, Nigeria, Tanzania, Rwanda, South Africa, Kenya, and the United Kingdom. The Series C round was led by SVP Capital with participation from...

To strengthen diagnostic capacity and the health response to COVID-19 in Africa, including in some of the continent’s poorest and most fragile countries, IFC, Proparco, and Cerba Lancet Africa today announced a partnership to increase patient access to a range of laboratory tests. Expanding access to diagnostics and laboratory testing is a critical part of tackling COVID-19, which has exposed...