Egypt’s Abdel Fattah Al-Sissi (photo) has just signed a new decree extending the state of emergency for another 3 months. According to local media, the decision allows “the armed forces and the police to take all the necessary measures to fight the dangers of terrorism and its financing, maintain security across the country, protect public & private properties and people’s lives.” This...

The African Development Bank (AfDB) is committing $28.86 million to support development projects in Somalia. The institution announced it on July 19 during a Board meeting. Of the amount, $11.99 million is for an urban water and sanitation project in the towns of Kismayo (south) and Baidoa (southwest). The remaining $16.86 million is for the rehabilitation of 247 km of roads and...

Interswitch, a Nigerian company specializing in payment solutions for companies, has resumed its dual listing operation on the London and Lagos financial markets. According to a source cited by Bloomberg, the company has picked U.S. banking groups JP Morgan and Citigroup, and South African Standard Bank to help with the operation. This follows a disinvestment procedure engaged by shareholder...

The telecom market in sub-Saharan Africa remained very dynamic last year attracting 20 million new subscribers and generating more than $144 million, according to the GSM Association. This means, the number of individual subscribers increased by 4.39% peaking at 456 million, a mobile penetration rate of 44%. With such an annual mobile growth rate which is considered the highest in the...

London-based payment service provider VertoFX, which operates a subsidiary in Nigeria, raised $2.1 million with a consortium of investors led by Accelerated Digital Ventures. The payment company founded in 2017 by two former Nigerian-born British bankers (Anthony Oduwole and Ola Oyetayo) will use these resources to develop its payment solutions in emerging markets including Africa. VertoFX...

Mobile operator Africell makes a breakthrough in the technology segment launching virtual SIM card in DR Congo on July 18. This computerized chip, CEO Milad Khairalla (photo) said, will put an end to the problem of loss of SIM cards and contacts. With eSIM, contacts are stored directly on a virtual platform such as Google Drive or iCloud. “With eSIM, you have the possibility to scan several of...

The Spanish government approved on July 19 a €30 million financial support to Morocco to help fight illegal immigration.According to El País, the aid will enable the Moroccan authorities cover the costs incurred in their collaboration with Spain and the whole of the European Union in border control and the fight against illegal immigration on the Spanish coast. Specifically, the money...

A veteran exporter of Kenyan fresh fruits and vegetables and a young South African farmer specialising in the design, provision and management of indoor and outdoor hydroponic systems, were the winners of this year’s youth  AgriPitch competition, organized by the African Development Bank in partnership with the Western Cape Government in South Africa.Kenyan Alex Muli, CEO and Co-Founder of...

The International Monetary Fund -IMF- approved on July 19 an additional $25 million to help Burkina Faso further its economic reforms. This is to mark a satisfactory 2nd review of the 3-year Extended Credit Facility (ECF) signed with the country in March 2018. IMF says Burkina Faso’s performance under the program has been broadly satisfactory and the economic activity remains resilient...

Luxembourg-based InsuResilience Investment Fund, managed by BlueOchard Finance, is acquiring 39.25% shares in the capital of Nigerian insurer Royal Exchange General Insurance Company Limited (REGIC). Money generated through this operation will enable the non-life insurance company to reinforce its services and products targeting agriculture players in Nigeria. “The company is uniquely...