Nestlé Côte d'Ivoire recovers from last year's losses. Fueled by increased local sales and exports, the multinational is returning to growth, despite a challenging environment and ongoing pressure on costs. Nestlé Côte d'Ivoire, a subsidiary of the Swiss group Nestlé, announced a remarkable 52.3% increase in its net profit for the first half of 2024. The net profit rose to CFA12.36 billion...

The Ivorian government aims to enhance teacher training, equip schools with digital tools, and establish modern technological infrastructure. On October 24, Côte d'Ivoire launched the National Education Digitalization Strategy 2024-2028 (SNDECI 2024-2028). This initiative aims to transform the education sector by integrating digital technologies. The program has a budget of CFA220.7 million,...

Internet coverage gaps vary across the continent: 12% in West Africa, 9% in East Africa, and 34% in Central Africa. The ITU and IMF believe that $430 billion is needed to achieve universal connectivity by 2030. Sub-Saharan Africa has made significant progress in internet coverage, reducing its internet coverage gap from 46.3% in 2015 to 13.3% in 2023, according to a Global System for Mobile...

Since May, the incumbent operator has actively worked to optimize its cash position. As a key driver of Egypt's digital transformation, the company is bolstering its financial health to benefit both the nation and its shareholders.  Telecom Egypt announced, on October 28, the successful arrangement of an EGP 18 billion ($369.6 million) syndicated loan facility. It aims to refinance the...

The package includes $25 billion in direct investments from private companies, along with funding for startups and loans. Saudi Arabia announced plans to raise $41 billion in investments and financing for Sub-Saharan African nations. This commitment was revealed by Saudi Finance Minister Mohammed bin Abdullah Al-Jadaan at the Future Investment Initiative New Africa Summit in Riyadh,...

Although Senegal is going through a period of financial turbulence, the government’s transparency and responsiveness could prove crucial in restoring the confidence of international partners and rebuilding the foundation for sustainable growth. Senegal’s $1.8 billion International Monetary Fund (IMF) program has been temporarily frozen due to financial imbalances, Finance Minister...

Rawbank, the leading bank in the Democratic Republic of Congo (DRC), has been named "Best Bank in Africa 2024" by Global Finance magazine at the Best Bank Awards, held in Washington D.C. This prestigious recognition reflects the strength of Rawbank's growth strategy, its commitment to innovation, and its central role in transforming the financial landscape in the DRC.  For almost 11 years,...

The analysis of ITU data over the past five years reveals an increase in Internet usage among women in Africa. However, the continent still needs to work towards achieving digital parity between men and women. Since 2019, the number of women using the internet in Africa has been steadily rising. According to the "Facts and Figures 2023" report by the International Telecommunication Union (ITU),...

Interoperability enables users to transact across various mobile money platforms and banks, making financial services more accessible, especially for unbanked and underbanked populations. It reduces the costs of currency conversion and cross-border transactions, lowering barriers for individuals and businesses to send and receive funds affordably.  In a milestone for African financial...

Countries on the FATF’s gray list face increased scrutiny and must ramp up efforts to counter money laundering and terrorism financing, as required by the Financial Action Task Force (FATF), a global anti-money laundering organization. Recently, FATF removed Senegal from its gray list, a positive step for the West African nation’s financial reputation. However, Côte d'Ivoire joined Algeria...